01/26/2022 – The global economy and the financial markets are struggling with different challenges at the beginning of the year. The recovery of the global economy is delayed again due to the still virulent pandemic, but should gain more momentum in the second half of the year at the latest, as vaccination progress and better treatment methods should push the pandemic back. The recovery will be boosted by government and private sector investment. Forecasts for global economic growth vary between 3.9% and 4.5%. Consumers still have some pent-up demand to meet, but are likely to be somewhat more cautious due to inflation-related losses in purchasing power.

Read more in the current Macroeconomic Comment, written by Peter von Elten.