Global gloom sets in as costs batter economies

The world's businesses and their customers are increasingly pessimistic about the future, according to a study carried out for the Financial Times.

The Brookings-FT Tracking Index for the Global Economic Recovery, an analysis of confidence and economic activity in financial markets, found pessimism is growing because of the cost-of-living crisis triggered by more expensive food and fuel resulting from the Russia-Ukraine conflict.

The crisis means people and companies have been earning less, but having to pay more for the things they need.