BENGALURU : Persistently high inflation will haunt the world economy this year, according to a Reuters poll of economists who trimmed their global growth outlook on worries of slowing demand and the risk interest rates would rise faster than assumed so far.
While price pressures are still expected to ease in 2023, the inflation outlook is much stickier than three months ago. "The odds of an accident have risen and the likelihood of a soft landing in 2022 requires some favourable assumptions and a modicum of good luck," Deutsche Bank group chief economist David Folkerts-Landau said, noting high inflation, the persistence of supply chain strains and the pandemic, as well as international political tensions.
The Bank of England https://www.reuters.com/markets/europe/inflation-risk-omicron-slowdown-boe-rate-move-balance-2021-12-16 was the first major central bank to raise rates since the pandemic started and is expected to act again, the Bank of Canada https://www.reuters.com/world/americas/timing-bank-canadas-rates-lift-off-knifes-edge-jan-26-hike-possible-2022-01-21 is also seen hiking soon.
GRAPHIC: Reuters Poll: Global growth outlook - January 2022, https://fingfx.thomsonreuters.com/gfx/polling/lgvdwxwlqpo/Reutersper cent20Pollper cent20-per cent20Globalper cent20growthper cent20outlook.png "Over the past three decades, developed market central banks led by the Fed have been inclined to see supply shocks boosting inflation as a drag on growth that should be cushioned," noted Joseph Lupton, global economist at J.P. Morgan.
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