Chapter 1: Macroeconomic Conditions and Outlook

As in previous years’ reports, Chapter 1 provides an in-depth analysis of the economic situation of the European Union and the world, as well as forecasts. Despite increasing immunization of the population, the more infectious new Omicron variant has triggered a new wave in large parts of the world. The associated uncertainty, consumer reticence, labor shortages, and existing problems in international supply chains will determine the development of the global economy this year and imply that economic activity will be noticeably subdued this winter.