Just when the world was beginning to emerge from two years of health crisis, the Russian invasion of Ukraine has shaken up the economic cards, and the risk of major geopolitical fragmentation of the world has become real. This division between blocks, if it happens, could have an impact over a long period of time.
For the time being, global growth, which now stands at 3.6% in 2022, has been revised downwards due to the war in Ukraine and Western sanctions against Russia. Inflation, tightening monetary policies, the deteriorating health environment in China that will lead to new supply-chain difficulties, or the risk of a pandemic resurgence are all factors that pose significant uncertainties for activity in 2022.
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