Macroeconomic environment

As expected, the global economy recovered relatively well from the impact of COVID-19 pandemic over the course of 2021, and we are anticipating further economic growth for the forecast period. It is likely to be somewhat slower than the growth rates seen in 2021, however, because rising inflation and the expectation of tighter monetary policy by central banks could have a restraining effect. In addition, the intensifying conflict between Russia and Ukraine could have a negative impact on the macroeconomic environment.