Goal 9: Industry Innovation and Infrastructure

The lingering war in Ukraine has been weighing on global economic activity since early 2022, undermining post-pandemic recovery. The initial impact of the conflict on energy and commodity prices appears to have waned, although some risks on the supply side may re-emerge, and challenges to Europe’s energy security remain.

Governments, households, and firms across Europe are grappling with the energy and cost-of-living crisis. The recent decline in natural gas prices has, however, fuelled hopes that massive gas shortages, rationing, and industrial shutdowns can be avoided.

As the world falls further behind from its goal of ending hunger (SDG 2), countries must act to protect open and stable global food trading systems and urgently provide targeted humanitarian action to save lives and livelihoods.

Introducing CBDCs for widespread use may have positive effects for the economy but also present new challenges, as its impact on financial intermediation and fiscal and monetary policy operations are not yet fully understood.

The global macroeconomic outlook continues to change amid growing uncertainties, pronounced monetary policy tightening and roiling financial markets.

To address the existing barriers to the adoption of these technologies, it is important to invest in digital literacy in rural areas, establish a new generation of agricultural extension services, make digital platforms user-friendly for smallholder farmers and build up infrastructure for agricultural e-commerce.

Despite unemployment remaining above pre-pandemic levels, advanced economies are confronted with labour shortages. Ageing population, migration patterns, low wages and concerns about workplace safety explain the phenomenon.

The October Monthly Briefing takes a closer look at the results of the most recent bank lending survey by the European Central Bank (ECB), which provides some insights into the shape of economic activity in the euro area.

Unconventional monetary policy measures have played a crucial part in central banks’ responses to the COVID-19 pandemic. Large-scale quantitative easing has led to an unprecedented expansion of developed country central bank balanced sheets.