The coronavirus pandemic whiplashed the global economy in 2020, resulting in the largest-ever quarterly contraction immediately followed by the strongest quarter’s growth in memory. 2021 was more stable: Supported by generous monetary and fiscal stimulus, the global economy has continued its recovery, leading to surging demand. Supply has struggled to keep up, however, resulting in bottlenecks, rising prices and signs of decelerating economic growth.
The world is healing, but it has not recovered yet.