Financial Update – February 2022

January’s headlines were dominated not only by reports of lockdown parties in Downing Street, but also by growing tension on Ukraine’s border.

Meanwhile, World Bank president David Malpass said that the global economy faces a “grim outlook” in 2022, as the Bank predicted that global growth will slow to 4.1% this year, from 5.5% in 2021. It attributed the slowdown to continued threats from Covid, government aid and stimulus packages being wound down and to the post-pandemic rebound in demand fading.

Oil prices hit a seven-year high following an attack on a storage facility in the Middle East and plenty of commentators wondered about rising energy prices pushing the world into recession. Also in January, North Korea conducted another missile test which was, apparently, its biggest launch since 2017.

As always, if you have any concerns or questions we’re here and happy to help, so don’t hesitate to get in touch with one of our team.