War dents growth

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      <subfield code="a">Madrid</subfield>
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      <subfield code="a">The global economy remains challenged by supply chain issues and high energy prices. On top of this, the Russia-Ukraine conflict is further pushing up commodity prices, fuelling even higher inflation. Our GDP growth forecasts have been revised downward. High inflation is likely to push central banks to implement more aggressive monetary tightening. We already see this in the United States and United Kingdom, with the eurozone moving more slowly. Many emerging markets have already turned this corner in 2021</subfield>
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