Wood Mackenzie has produced a downside scenario for the global economy. Global economic growth could slow to 2.5 percent year on year in 2022 and 0.7 percent in 2023 due to the Russia-Ukraine war, according to energy research and consultancy company Wood Mackenzie. In a statement sent to Rigzone, the business noted that it had produced a downside scenario for the global economy assuming large spill-over effects from the conflict through transmission channels and markets, some interruption of energy and commodity flows, an energy price shock causing recessions in the EU and U.S., and pro-cyclical policy missteps exacerbating matters. Real GDP growth is notably different in Wood Mackenzie’s downside scenario and base case in 2022 and 2023, although the two scenarios take an even trajectory from 2024 onwards. Wood Mackenzie’s downside scenario real GDP index is markedly lower than its base case real GDP index from 2022 onwards. Wood […]