COST-OF-LIVING CRISIS
Inflation and uncertainty With inflation higher than it has been in several decades, the global economy is slowing down more broadly and sharply than predicted. The rising cost of living, limiting credit in most areas, Russia's invasion of Ukraine, and the persisting COVID-19 epidemic all have a negative impact on the outlook. According to projections, global growth will drop from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. Aside from the global financial crisis and the COVID-19 pandemic's acute phase, this is the worst growth profile since 2001. The world's inflation rate projection is to go from 4.7 percent in 2021 to 8.8 percent in 2022 before falling to 6.5 percent in 2023 and 4.1 percent by 2024. To regain price stability, monetary policy should keep the course. Worldwide Possibilities and Arrangements Widespread and more severe than anticipated, the global economy is slowing down, and inflation is at its highest level in decades. The economic...