In 2022, the global economy slowed considerably, but without really declining, despite the shocks it was experiencing (war in Ukraine, lockdowns in China, inflationary tensions, etc.). The substantial growth in GDPs recorded throughout 2022 (between +1.9% in Germany and +5.5% in Spain for the main European economies, +2.1% in the United States and +3.0% in China) are largely explained by the high growth overhangs at the end of 2021, the result of the post-Covid catch-up during 2021. Gains in activity in 2022 thus appear limited, especially in the United States, France and the United Kingdom, reflecting activity that only increased moderately on average in each quarter. As a result, growth overhangs at the end of 2022 appear to be much lower than they were a year previously: in 2023, the figures for annual GDP growth will not have such an advantage with the “carry-over effect”, and to this has to be added sluggish growth in H1 2023...