Three successive shocks

The global economy is undergoing three successive shocks: The COVID crisis, and after the crisis the major shift in the structure of demand from services to goods; The war in Ukraine, with the resulting pressure on all commodities produced in Russia; The energy transition, which is likely to lead to high fossil fuel prices and strong demand for the commodities needed for the transition. We see that these three shocks have similar effects in terms of: Rising commodity prices and inflation; The risk of a decline in household purchasing power; The need for increased public spending.