NZAC - China And Russia Drag Global Growth To 22-Month Low Push Price Inflation To Record High

• The pace of global economic growth slowed in April to the lowest since the downturn of the second quarter of 2020.
• While an easing of COVID-19 containment measures on average globally helped to sustain service sector growth in April, the rate of expansion in the service sector fell to the second weakest seen over the past 15 months.
• The supply chain and labour supply constraints emanating from the pandemic have meanwhile been exacerbated by the war and China's lockdowns, feeding through to yet further upward pressure on inflation.

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