In Q1 2022, in an already inflationary context, the geopolitical shock of the war in Ukraine, combined with a health situation that is deteriorating in some places, has aff ected all of the main world economies. The GDPs of the western economies have evolved in different ways: decline in France and the United States, slowdown in Italy, Spain and the United Kingdom, moderate rebound in Germany after a downturn at the end of the year. Meanwhile, the Chinese economy accelerated slightly over the quarter, despite a slowdown in March with their “zero Covid” strategy. In the four main Eurozone economies, household consumption fell back, penalised by the deteriorating health situation at the beginning of the year and the sharp rise in prices: inflation has continued to increase in all the western economies, fuelled by the increase in commodity prices, which the war in Ukraine helped accentuate. However, in the United Kingdom and the United States, household consumption, especially of services, has managed to maintain its pace of growth, sustained by increasing wage income, which is more dynamic than in the Eurozone, and by a more pronounced drop in the savings ratio. At the same time, imports increased substantially in the United States and the United Kingdom at the start of 2022, contributing to growth in world trade in goods and services (+2.5% in Q1)...