Emerging and commodity-exporting economies other than China have picked up, despite the recent increase in the number of confirmed new cases of COVID-19. However, the global economy is likely to be pushed down by Russia’s invasion of Ukraine starting on February 24, 2022, and subsequent developments in respective economies, such as the imposition of economic sanctions on Russia.
I have taken part in CEDA functions at this time of the year in other cities, but it is particularly nice to come to Adelaide. I would like to note at the outset, for the benefit of the local audience, that the Bank has undertaken a considerable increase in the resources put into "on the ground" economic intelligence around the country.