S&P Global Market Intelligence revised down its global GDP growth forecast for 2022 in its latest report released on Tuesday.
Key comments
“Your growth forecast for Global real GDP in 2022 has dropped to 3.3% from 4.1% in February”.
“The Russian invasion of Ukraine has unleashed a global commodity shock that will further disrupt global supply chains, drive up prices and slow economic growthespecially in Europe”.
“The Russian economy will suffer permanent losses through sanctions, an exodus of foreign companies and a new emphasis on energy security.
“In annual terms, production will fall by 11.1% in 2022 and 3.7% in 2023with sharp declines in fixed investment, private consumption and exports”.
“It is expected that the consumer price inflation in the eurozone to rise from 2.6% in 2021 to 6.9% in 2022which will lead the European Central Bank to start raising its deposit facility rate in December“.
“Real GDP growth forecast in 2022 is revised down slightly to 5.1%.”
Source: Fx Street
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