The efforts of central banks around the world to tackle inflation have failed to have a meaningful impact, and threats to the broader global economy remain, according to a report by Reuters citing comments from Man Group Chief Executive Luke Ellis.

The efforts of central banks around the world to tackle inflation have failed to have a meaningful impact, and threats to the broader global economy remain, according to a report by Reuters citing comments from Man Group Chief Executive Luke Ellis.

Speaking at a press event on Wednesday, Ellis is reported as saying that: “The bigger picture is that central banks think they’ve done a lot but they haven’t really made much difference to inflation at all.” Ellis added that rate rises have made a dent in manufacturing but not in services.

According to the World Bank's latest Global Economic Prospects report, real global gross domestic product is set to climb 2.1% this year, up from the 1.7% forecast issued in January, but well below the 2022 growth rate of 3.1%.