2022 Economic and industry outlook : second quarter perspectives

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      <subfield code="a">2022 Economic and industry outlook</subfield>
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      <subfield code="a">Following the progress made in controlling the Covid-19 pandemic, the global economy was showing positive, albeit moderate, growth rates at the beginning of 2022. However, due to the conflict between Russia and Ukraine, the outlook for global growth forecasts has been significantly affected and has deteriorated notably. Global commodity prices have worsened, mainly in energy, oil derivatives and food, raising the risk of economic disruption, albeit with some divergence by region. This will imply greater risks to productive capacity and growth, and will increase the risk of inflation. Thus, according to the baseline scenario considered in the report, global GDP growth is expected to be 3.6% in 2022 and 2023, with inflation (average for the last quarter of the year) standing at 6.8% and 4.1% for 2022 and 2023, respectively. This new environment is also casting a shadow over the outlook for business development and profitability for the insurance sector in 2022, in an environment where inflation is eroding business margins and household purchasing power, which will make it difficult to pass on the increase in claims costs to insurance prices</subfield>
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      <subfield code="t">Panorama económico y sectorial 2022 : perspectivas hacia el segundo trimestre</subfield>
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