Inflation has taken many regulators by surprise both in scale and longevity. Thanks to a mixture of supply-chain issues, eased COVID restrictions, and generous government spending, inflation has tempered many forecasts of economic growth.

Controlling it will be a key feature of policy for the next few months. Even so, all economies are expected to grow in real terms apart from Venezuela, Myanmar, and Equatorial Guinea.

China remains an economic giant, although this year is expected to see more tepid growth of 5.6%. This is slow by Chinese standards, although it is still on track to become the world’s largest economy by the end of the decade. India is one of the fastest-growing countries in the world, behind only Iraq and Guyana. This is because of the heavy blow that COVID dealt last summer, but India is still set to outpace China and become the largest economy by the 2030s.

The Eurozone and U.S. have both seen forecasts tempered by inflation. Both spent generously to control the pandemic’s economic damage, and now both are feeling the squeeze of inflation. Nevertheless, things remain optimistic for both markets.

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