Europe returned to growth in Q2 with the easing of health restrictions, but GDP was still below its pre-crisis level in the main European economies. The recovery continued this summer, but the pace of growth is likely to slacken towards the end of the year, amid growing supply chain and hiring diffi culties, and inflationary pressures fuelled by commodity prices. In the United States, where inflationary tensions are stronger than in Europe, GDP has already surpassed its precrisis level, and is expected to slow in H2. Finally, in China, activity seems to have fallen back slightly this summer, hampered by demand that is less dynamic than at the start of the year and by production difficulties.