Economic Trends

Economic growth slowed in 2022 as a consequence of Russia’s war of aggression against Ukraine. According to the International Monetary Fund (IMF), global GDP grew by 3.4 percent. That was significantly less than the growth rate recorded in 2021 during the recovery from the pandemic. According to figures published by the Organisation for Economic Co-operation and Development (OECD), GDP stagnated in Q2 2022, with production in both Ukraine and Russia falling sharply. In China, the economy contracted as a result of production stoppages attributable to the country’s zero-Covid policy. Amid economic recovery in China and the United States, global growth picked up again in the course of the year, but remained moderate. Higher energy prices were the biggest dampener on growth in many economies, especially in Europe.

GDP Trends in 2022