Summary
Global economic situation
Throughout 2022 , the global economy lost momentum with the onset of adverse shocks and as downside risks materialized, affecting households, businesses and financial markets. The health and economic impact of the war in Ukraine was compounded by high inflationary pressures, the tightening of monetary policy by the major Central Banks, the energy and food crises and the slowdown in the Chinese economy. All this in a context of high uncertainty and deteriorating confidence among economic agents. Despite all this, the labour markets have shown relative resilience in recent months, partly favored by expansionary fiscal policies to mitigate the negative impact of the energy crisis and inflationary pressures on the real incomes of economic agents.
Looking ahead to 2023 , the environment of uncertainty and volatility continues in both the economic and geopolitical spheres. A certain correction in inflation is expected due to the moderation of growth and energy prices, as well as a return to normality in global supply chains. In addition, the reopening of the Chinese economy will favor the recovery of activity. The IMF expects that after slowing from 3.4 % in 2022 to 2.9 % in 2023 , global growth will rebound to 3.1 % in 2024.
