Global supply constraints will last until at least 2023

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Supply chain pressures hitting the global economy are likely to last for another year at least, according to Publicis’ Maurice Levy.

Levy, who is chairman of the board of advertising giant Publicis Groupe, told CNBC’s Karen Tso at the Women’s Forum on Friday that rising inflation was the result of scarcity in supply chains.

“It’s also the fact that we are moving to green energy, we are moving to a green world and we have difficulties in getting this new energy to the level of the old world,” he added.

“This is generating an increase in price and weighing on the purchasing power of customers.”

Economies all over the world are facing shortages of goods and labor, while European natural gas prices surged to record highs in recent months as a result of rising demand, extreme weather and low inventories.

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