Inflation set new records, reaching double digits in Germany for the first time in almost 40 years. The European Central Bank stepped up the pace of monetary tightening with its first-ever 75 basis point hike. GDP growth forecasts were again revised downwards, with the OECD now predicting a further slowdown in global growth in 2023, to just 2.2% for the full year. Even the resilient US economy experienced the biggest fall in house prices in over a decade.
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