The current economic struggles have been a result of a perfect storm of the post-lockdown reaction phase, supply chain issues, new order cancellations due to long delivery times and more, Mazars Wealth Management’s chief economist George Lagarias claimed.
Mr Lagarias told Express.co.uk: “Growth is bound to suffer more, in fact, as demand for goods might not be met by adequate supply.”
The crisis is especially acute across Europe and in Germany, where the latter is a manufacturing economy with its highest rate of inflation seen since the early ’90s.
All of these issues contribute to putting pressure on people’s individual finances, prompting a huge rise in the cost of living.
Jeremy Thomson-Cook, chief economist at international business payments firm, Equals Money, said growth is beginning to return to normal but not fast enough – especially as inflation is rising out of sync with wage increases, burdening workers, families and more.
Mr Thomson-Cook told Express.co.uk: “Inflation is determined by how much prices are rising.
“This is not an issue if wages are rising faster than prices, and therefore the cost of living remains relatively unaffected.
“In this environment, however, inflation is rising a lot faster than prices and so wage packets are not going as far as they used to.”