Report31 March 2022Updated 7 months ago

There’s nothing normal about the global economy: our full report

Markets suggest we're returning to some sort of normality as the Ukraine war drags on. We disagree. In this full report, ING's economists look at what's really happening to the global economy

Executive summary

Europe is facing a humanitarian and economic crisis as a result of Russia's invasion of Ukraine. It has spillover consequences for the rest of the world. 

In this ING Monthly, Carsten Brzeski, ING's Global Head of Macro, tells us that markets have got it wrong if they believe we're returning to any sort of normality.

Lower growth and higher inflation are becoming dominant factors around the globe. We think the war could be worse than the Covid-19 pandemic for Europe. 

We take a look at oil and gas and outline three scenarios for energy prices and the global economy.

And we dive into major countries and markets to examine what's driving local economies and trends and try to predict where we're headed next.