Asset markets endured further pain during the second week of May as investors tried – and largely failed — to square tighter monetary policy in the US and other markets with the latest global GDP forecasts. The World Bank, which came in 2022 forecasting global GDP growth of 4.1% for the year, dropped that estimate to 3.2% in April and is expected to lower it again after data showed the US economy contacting by 1.4% in the first quarter.
