The pandemic-weakened world economy was hit by several shocks in 2022. The war in Ukraine has reduced global economic growth and intensified inflationary pressures, especially in the case of food and energy prices. In a number of countries, inflation rates in the second half of last year were the highest since the 1980s. Central banks have been responding by gradually raising interest rates. Consumer price growth appears to have already peaked in a number of countries. However, the question remains how quickly will inflation return to close to the inflation targets of individual central banks. In terms of the smooth functioning of global supply chains, further development of the pandemic, particularly in China, is a persistent risk.

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