April 12, 2022, Opinion: "Inflation has climbed sharply in most economies since the middle of 2021, increasing the imperative to remove monetary support faster than previously expected. This monetary policy shift is important among the factors that will moderate economic growth this year in most countries. Global economic growth is projected to decline from a brisk 5.8 percent in 2021 to 3.3 percent in both 2022 and 2023. In addition to monetary policy tightening, episodes of resurging COVID-19 and disruptions from the war in Ukraine—including higher prices for energy, food, and other commodities—are weighing on the outlook for countries around the world."
HKS Faculty Author -Karen Dynan