After three decades of double digit growth the Chinese economy has become the second largest economy in the world and the most important contributor to global growth. However, in recent years the Chinese economy has slowed substantially. While official numbers for GDP growth report output growth...

Global growth has decelerated over the course of the year under the impact of high energy prices and great uncertainty. Monetary policy, which is being tightened very quickly in view of high inflationary pressure across the board, is now also putting a drag on economic activity. Overall,...