Energy prices continue to pose a significant risk to the inflation forecast. Eurozone: Service providers lament Omicron wave, Germany's industrial sector starts the new year well. With regard to GDP growth forecasts for 2023, we remain more cautious than the consensus.

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Economics_Chart_0222_EN

World trade reached record levels last year. China's global exports climbed to over USD 340 bn in December, refuting the "deglobalisation myth" that had prevailed at the start of the pandemic. Strong worldwide demand for goods has put pressure on supply chains in many countries due to bottlenecks for containers and ships. While renewed virus outbreaks and China's zero-Covid strategy could weigh on supply chains in the short term, the situation is likely to ease further in the second half of 2022.

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