This week the World Bank announced that it is slashing its forecast for 2022 global growth to 2.9%, down from 5.7% in 2021. This is the sharpest deceleration in a post-recession recovery in 80 years. The baseline scenario projects a slight re-acceleration 2023, but in the event of a severe Fed tightening, an energy embargo triggered by the war and continuing COVID issues in China, that number could fall to as low as 1.5 percent.
Oy, and here I thought living through the 1970s was enough.
Excellent as usual.
Very helpful, thanks!