The impact of the Russia-Ukraine war on commodities prices, its overall impact on general price level and slackening external demand conditions due to China’s strict Zero-Covid policy among other related issues shaped the global economic landscape in 2022. Monetary authorities’ hawkish policy stance in an attempt at reining in the heightened inflationary pressures and high public debts are expected to result in slowdown in global economic growth. As a result of these developments, the IMF has downgraded its global growth projection for 2022 to 3.2% and 2.7% in 2023 in its October 2022 World economic outlook (WEO) report.
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