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ING global economic outlook 2023 December 2022 easing over the latter part of the year should provide markets with a boost to sentiment. As sentiment improves and currencies strengthen again, this should also help to squeeze out residual inflation pressures, in a virtuous circle of improvement. There is a limit to this though – we don’t expect interest rates to drop back to pandemic lows, but instead to settle at a level a little above inflation, to return to small positive “real” policy interest rates, representing a return to “policy as normal” rather than the extremes of the last few years. 40

ING Global Economic Outlook 2023 - Page 40 ING Global Economic Outlook 2023 Page 39 Page 41