China’s lockdowns to meet its ‘dynamic zero-COVID’ policy mean the world’s second largest economy is likely to contract in Q2 The developed economies (DMs) experienced a V-shaped recovery from the pandemic, but are now enduring inflation at multi-decade highs Consumer confidence has collapsed as a result, and is now at levels that have almost always resulted in recession We see a broadly evens chance that the euro area is already in recession If the EU avoids a contraction in Q2,…