Economic outlook




World trade



GDP world



GDP Eurozone



GDP Germany



As of February 2022 (before the outbreak of the war in Ukraine). Forecasts for 2022 rounded to half percentage points.
Source: Oxford Economics

Current expectations point to a significant recovery in the global economy for 2022, meaning that even countries and regions that have not yet returned to pre-Covid-19 levels of economic output will be able to overcome the slump induced by Covid-19.

A long-term effect of the Covid-19 pandemic is that many countries have taken on large amounts of debt to support their economies and due to a shortfall in tax revenues. This could reduce their room for maneuver in future crises. The monetary policy measures taken to support the economy also have their downside: inflation in the Eurozone, for example, has increased massively as a result of the ECB’s continued expansionary monetary policy. A further surge in inflation is expected as a result of the war in Ukraine.

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