- 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.
For further details see:
Global Economic Growth Revived In February As Omicron Wave Faded, But Outlook Darkens Amid Ukraine Invasion