On a global scale, expectations regarding sustaining the economic growth witnessed in the prior year, though at a slower pace, were dashed, no thanks to Russia’s invasion of Ukraine. This inadvertently led to many nations across the globe experiencing record-high inflationary pressures and the monetary policy tightening by global central banks that followed. Also, the zero-covid policy in China, remained an impediment to growth. Against this backdrop, major economies across the world witnessed a slowdown in economic activities as the cost-of-living crisis, exacerbated by the surge in energy and food prices, combined with aggressive policy moves by monetary authorities, weighed on economic activities. 

In 2023, the uncertainty around economic growth performance will be more pronounced owing to the growing risk of a global recession as monetary and fiscal tightening are expected to come full circle in 2023. More so, the geopolitical tensions, with no end in sight or peace talks in motion, remain a headwind to global growth. According to the International Monetary Fund (IMF), global growth is expected to slow to 2.70% in 2023, with a 25% probability that it could fall below 2.00%.