The global economy will continue to recover from the epidemic in 2021，and the annual growth is expected to be about 5.6%. The US economy performed strongly，Europe recovered slowly，and Japan’s economy recovered somewhat. However，the momentum of economic recovery has weakened. It is predicted that the global inflation level is expected to decline in the second half of 2022，but there is some uncertainty. At the end of 2021，the three major central banks of the United States，Europe and Japan began to tighten liquidity. There is a high probability that the Federal Reserve will start raising interest rates in mid 2022. Due to the very fragile global capital market，too fast or excessive tightening of monetary policy will bring shocks. There is great uncertainty in the global trade environment in 2022，and it is unlikely that the growth rate of goods trade will maintain a high level of 10%. On the whole，the global economy may decline greatly in 2022. Epidemic situation and epidemic prevention policies are still important variables affecting the global economy，with an annual growth of 4.5%. The economies of major countries will slow down，and the United States will slow down to 4.5%. The probability of global stagflation is small，but it does not rule out the possibility of some countries and regions.