The headwinds are blowing more strongly against growth in the global economy. High inflation, tighter monetary policy and the war in Ukraine have been having an increasingly deleterious impact on the global economy since the middle of the year. The outlook for the global economy is weaker than in previous forecasts and there is again more uncertainty about the future than usual. Wide volatility in financial and commodities markets have reduced confidence about the future, and are also restraining activity in the economy.
