Since our last update, there has been the widespread downgrade of global growth forecasts including by our own Chief Economist, Simona Mocuta, whose global forecasts have been lowered by five-tenths for 2022 and by eight-tenths in 2023. That is a significant downgrade in just a quarter’s time, and it is perhaps the latter change that is even more disappointing as it removes the previous expectation of improvement in the medium term.
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