On a regional level, Schwarzenberg estimates that the conflict would affect Europe longer and more severely than the US. The report also estimated that global economic growth would fall to 2.9% from 5.7% and maintain that level for the next year or two. In May, the Organization for European Cooperation and Development (OECD) and World Trade Organization projected that the conflict would reduce global economic growth by 0.7 to 1.3 percentage points (pp), push up prices globally by about 2.5 pp, and slow global trade growth by up to 2.3 pp, noted Andres Schwarzenberg, an analyst in International Trade and Finance at the Congressional Research Service, in a report.Ī month later, the World Bank said it expected “a protracted period of feeble growth and elevated inflation,” according to the bank’s Global Economic Prospects June edition. Russia’s February invasion of Ukraine and the resulting massive sanctions have triggered a dramatic spike in commodity prices for petroleum, natural gas, fertilizer, wheat, corn, sunflower oil and several base metals. The new year brought regional conflict and harsher Covid-19 responses that have further disrupted global supply chains, from sourcing and transportation to storage, production and selling. The hope that the global economy would turn the pandemic corner at the end of 2021 quickly disappeared during the early months of 2022. As the target date draws closer, DBS will continue to lower the threshold. The bank also has committed to zero thermal coal exposure by 2039 and has ceased onboarding clients that derive more than 25% of their revenue from thermal coal. Last year, it committed 20.5 billion Singapore dollars (about $14.6 billion) in sustainable financing transactions and plans to commit SG$50 billion by 2024. As corporate citizenship morphs into environmental, social and governance (ESG) concerns, the bank has put its money where its mouth is. Global Finance selected DBS and the other World’s Best Bank winners for 2022 based on their performance throughout 2021 and other criteria, including their reputation, management excellence, leadership in digital transformation and corporate citizenship.Īmong the metrics, DBS stood out across the board.
Add to that the growing economic and humanitarian impact of climate change, and these trends separate the best banks from their rivals.ĭBS, which takes the top honor as Global Finance’s World’s Best Bank and Best Bank in Asia-Pacific, navigated these waters admirably while broadening its product portfolio, growing its business and investing in sustainability. The banking industry faces an ongoing pandemic, regional conflicts with global effects and increasing inflation for the foreseeable future.
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