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 This economic review surveys the economic and sociopolitical factors that have shaped the global economy in general and the SA economy in particular in 2021, thus setting the tone for 2022. At the global level – notwithstanding significant concerns surrounding the new Omicron Covid-19 variant – the challenge now is how to deal with lower growth and higher inflation as many countries grapple with recent economic cross-currents and costly supply-chain disruptions.

Interest rates and monetary policy shifts therefore need to be handled in a sensible manner so as not to precipitate ‘stagflation’. What the first quarter of 2022 has in store for the world – medically, economically and politically – is still highly uncertain...

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