What if growth in 2022 is significantly lower than expected?
The consensus of forecasters expects global growth to remain strong in 2022. But will growth in 2022 not be much weaker than expected, given the economic weakness of the three major regions? In the United States, due to the sharp reduction in the structural fiscal deficit; In the euro zone, due to the new wave of COVID and consumer caution; In China, d u e to the weakness of all domestic demand components. If global growth is lower than expected, inflationary pressures will fall faster than expected, and central banks will hesitate to tighten their monetary policies.