This is Germany's last chance to clear France prior to launching a summer offensive in Russia, and even then they'll have to start it off half strength. The Axis powers have closed the production gap for now, but of course when it's the Axis closing the gap this early, that's problematic. Just look at the incoming reinforcements to get a sense of the doom that's about to fall on Germany's head.
But Britain is still being choked off, and as more African countries fall under the German and Italian jackboot, it will become harder and harder to reestablish convoys later. When the real counteroffensive begins, the allies will have to waste some time and units capturing west African ports. America also needs to more or less clear out S America, and Japan has its half of the Pacific pretty well locked down now. Singapore is the last real outpost of US/UK strength between Calcutta and Australia. If Japan can get that by the end of the year while continuing to make tangible gains in China, they'll be able to maintain a decent defensive position for a while.
The Allies catch a break in May, seizing the initiative amid bad weather.
