Annual Economic Report 2022

At its Annual General Meeting on Sunday 26 June 2022, the BIS released its Annual Economic Report and its Annual Report.

BIS Annual Economic Report  | 
26 June 2022
PDF full text
 (2.9 MB)
 |  138 pages


There is no respite for the global economy. Two years ago, it was shaken by the onset of the pandemic, as an overwhelming health crisis turned into an overwhelming economic crisis.



I. Old challenges, new shocks

Two powerful forces – the Covid-19 pandemic and the Russian invasion of Ukraine – shaped economic outcomes over the past year.


II. Inflation: a look under the hood

To better understand inflation, it is key to go beyond aggregate analysis in order to separate relative from generalised price changes and examine their joint dynamics.


III. The future monetary system

A burst of creative innovation is under way in money and payments, opening up vistas of a future digital monetary system that adapts continuously to serve the public interest.