June 7, 2022 - According to Euromonitor International’s latest Global Economic Forecast Q2 2022, the global economic outlook has fallen substantially since its February report.
The report states that global real GDP growth is expected to decline 1.8 to 3.6% for the year after last year’s 6% growth. Looking ahead to 2023, the report forecasts a decline of 1.8 to 4% in global GDP.
As we are reporting in this forthcoming issue of IBNewsmag, economic sanctions on Russia and its invasion of Ukraine have resulted in significant reductions in wheat, along with energy and other commodity exports.
The report concludes that this has led to greater price hikes for food and energy causing globally depressed consumer purchasing power.