As 2022 begins, the economic environment is challenging. Inflation, tightening of monetary policies, fiscal policies entering a contractionary period and virus transmission reach record highs.
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The overall situation after weighing challenges and risks against strengths and recovery potential is relatively balanced. We have lowered our growth forecasts in many places, but growth remains above its long-term trend. Meanwhile we note that there are many risks and that geopolitical developments in particular are very hard to assess. What we do know is that the global economy is facing a very exciting year.