The global economic recovery continued throughout the fourth quarter albeit at a relatively muted pace as numerous challenges pointed to a slowdown in growth during the final three months of the year. In many cases, the rapid rebound in economic activity and global supply chain issues led to record high inflation around the world. As a result, major central banks signaled policy changes that would bring an end to the unprecedented support undertaken in response to the pandemic. The discontinuation of such programs will likely dampen economic growth in the future.
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