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Operating environment

Report on expected developments – developments in the operating environment

Macroeconomic environment

Global economic growth slowed again over the course of 2023, as a result of much more restrictive monetary policies by central banks. The escalation of the conflict between Israel and Palestine in the Middle East in the second half-year also caused uncertainty among market participants. We expect the economic situation to remain tense in 2024 due to high interest rates. Interest rate cuts by central banks following further falls in inflation could have a positive impact on the economic environment, on the one hand. On the other, a sharper decline in economic growth than expected or a recession could lead to uncertainty among market participants.