The COVID-19 pandemic and Russia-Ukraine war profoundly reorganised global structures and relationships in 2022, and will continue to drive additional uncertainty this year, according to analyst S&P Global Market Intelligence.

According to analyst IHS Markit, global economic expansion is being led by the United States, mainland China and Europe.

“One year into the COVID-19 pandemic, the accumulating human toll continues to raise concerns, even as growing vaccine coverage lifts sentiment. High uncertainty surrounds the global economic outlook, primarily related to the path of the pandemic.

On the eve of the six-month anniversary of the UK entering a nationwide lockdown, optimism among UK manufacturers and engineers for a speedy return to ‘normal’ was dissipating, according to research carried out by Subcon, the UK’s subcontract manufacturing supply chain show.