Macroeconomic environment

Economic growth slowed significantly over the course of 2022. This was due partly to the macroeconomic effects of Russia’s war of aggression against Ukraine. High inflation rates and risks to energy supplies also played a role. In the forecast period we expect a further deterioration in the conditions for economic growth. An end to the war in Ukraine, a sustainable solution for energy supplies or looser monetary policy by central banks as a result of lower inflation rates could have a positive impact on future economic performance, however.