The global economy is facing a difficult year in 2023, with gloomy prospects and substantiated risks. Monetary tightening by central banks aims to stabilize prices, but may lead to a new recession. Tight financial conditions and rising costs of inputs and commodities are putting a strain on companies’ profitability, leading to increased wage costs, higher interest charges, and limited access to credit. Companies’ cash-flows are also ending the year in a weaker position than they started, particularly in energy-intensive industries.

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