- Our macroeconomic forecasting team assesses how the war and latest survey data have altered the economic outlook, policymaking and recession risks.
- Global growth was dragged lower, principally by steep contractions in Russia and mainland China. Barring the initial COVID-19 outbreak, March and April have seen the largest drops in Russian output since the global financial crisis.
- A record rise in food prices is a particular concern, especially given that the sector has also reported falling output continually now for three months, with the worsening trend linked to the Ukraine war.
For further details see:
Global PMI - Special Russia-Ukraine War Report