Consumer credit, Supply Chain, China exports

This is about borrowing to spend, indicating positive spending and GDP:

Pressures easing here:

And this may indicate global spending is holding up:

So in short we had Covid deficit spending north of 15% of GDP supporting strong growth, followed by a collapse in deficit spending that resulted in a strong deceleration of growth. However sufficient deficit spending remains (about 5% of GDP) to sustain more modest levels of growth.