After an expansion of 5.5% in 2021, driven mostly by consumer spending a spike in investment and trade in goods above pre pandemic levels, global output is projected to grow by only 4% in 2022 and 3.5% in 2023.

There are a number of concerning factors for policymakers, such as the spread of new variants, persistent labour market and supply chain challenges, rising inflation…. Now, can any of this trigger a major crisis?