WKLY - Global Economic Growth Revived In February As Omicron Wave Faded But Outlook Darkens Amid Ukraine Invasion
- The global economy expanded for a twentieth straight month in February, according to the JPMorgan Global PMI™ with the rate of expansion accelerating from January's 18-month low as the COVID-19 Omicron wave showed signs of easing.
- Global GDP growth in Q1 2022 so far looks slower at 2.6% than the 3.6% expansion signalled in Q2 2021.
- Supply shortages exerted sustained, albeit slightly reduced, upward pressure on raw material input costs.
- Measured globally, the overall signal from the PMI was one of consumer price inflation continuing to run at a very elevated level in coming months as rising charges for goods and services are likely to feed through to households.
- The February monthly PMI data were collected before the invasion of Ukraine, which is likely to have severely affected growth expectations while simultaneously pushing price expectations even higher.
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Global Economic Growth Revived In February As Omicron Wave Faded, But Outlook Darkens Amid Ukraine Invasion