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Global Economic Outlook – September 2022 Introduction 2022 has arguably been one of the most challenging years the world has experienced in modern times. It’s hard to downplay the scale of the geopolitical and economic uncertainty facing every one of us – from individual households to governments and business leaders. We entered the year with a degree of Combined with the devastating war cautious optimism as Covid restrictions in Ukraine, C-suites are grappling with were gradually eased, but what shortages in everything from oil and followed was a series of challenges that gas to wheat and microchips. This have tested the resilience of even the has had a significant impact on both most robust, sustainable companies. inflation and recessionary fears. Economic modelling and forecasting In my previous role with KPMG, I led is a notoriously challenging task, the global organization’s Energy & especially in a time of great uncertainty, Natural Resources practice – supporting but taking a step back and looking member firm clients in an industry at the bigger picture is essential. that has become used to experiencing KPMG’s Global Economic Outlook profound highs and lows. I now work brings together teams of experts from with CEOs across all sectors as Global across the world. Our aim? To dig Head of Clients & Markets and much deeper into past trends, challenges of what I witnessed in the energy and opportunities and explore how we world is applicable today across all believe the actions that are taken today businesses. KPMG’s Global Economic may impact on economic output over Outlook is not an exact science, but the coming weeks, months and years. in a time of great unease, I believe it is an invaluable asset, helping to The international outlook is patchy. map out some of the challenges Some countries, regions and territories and opportunities ahead and enable achieved a strong post-pandemic corporate leaders to plan for the future rebound, for others – chronic political and prepare for an eventual return to and economic challenges dampened sustainable, long-term growth. hopes of regaining lost ground. It’s a similar story across all areas of analysis – with different outlooks and Regina Mayor outcomes in different areas. That said, Global Head of Clients & Markets there are several universally consistent KPMG themes and stories. The rapid return to economic activity after Covid created supply chain challenges which appear to be easing slightly but continue to drag down growth projections. © 2022 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 2

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