·ln many parts of the world, inflation haspeaked following supply shocks emanating from the coVID-19 pandemic, Russia's invasion of Ukraine,and rising energy costs.

·Major central banks are making adetermined effort to subdue inflationthrough interest rate hikes and netasset sales.As a result, financialconditions are tightening.

·The result is a broad slowdown inhousehold and business spending.Global real GDPgrowth is projected toslow from 5.8% in 2021 to 2.8% in 2022and 1.4% in 2023.