Christoph Schumacher

It feels a bit like every year we get told next year will be better and then it's not happening.

It was rough.

Last year was rough.

Economic growth was very, very slow.

But finally, sort of in the fourth quarter, December quarter, we picked up a little bit of growth.

And just when we thought things are getting better, then the Middle East crisis happened.

And that, of course, has slowed growth down and has put pressure on inflation, which has gone up again.

Oil prices affect everything.

If you buy something at the supermarket, well, it would have come from a producer, be transported to a processing plant, be transported to a distribution center.

By the time it hits the supermarket, a lot of petrol would have been used up and that costs more and that goes straight on to the prices.

The numbers suggest that economic growth is going to be very slow for the rest of the year.

But there's also nothing in there that suggests we are ready for a disaster.

It was rough.

Last year was rough.

Economic growth was very, very slow.

But finally, sort of in the fourth quarter, December quarter, we picked up a little bit of growth.

And just when we thought things are getting better, then the Middle East crisis happened.

Oil is just such a crucial commodity that it affects everything.

It puts prices up no matter where you look.

And that, of course, has slowed growth down and has put pressure on inflation, which has gone up again.