In this report, we present our macroeconomic and credit outlook for 2022, with our base-case
forecasts, assumptions, and key risks in what remains a highly uncertain and challenging
environment. We provide this outlook at global and regional levels, reflecting conclusions from our
fourth-quarter credit conditions committees involving our senior credit analysts, research teams,
Our outlooks consider three categories of challenges and opportunities likely to shape credit
markets as we approach a third year living with the pandemic. Aftershocks assesses the
immediate pressures largely brought about by the pandemic. Future Shocks focuses on more
structural factors and emerging technologies shaping the future of finance. Climate and Energy
Transition discusses the credit implications of the behavioral and technical shifts stemming from
efforts to avert the most severe consequences of climate change.
Within these categories, we also aim to provide you with our answers to 20 Questions That Matter,
collected through our interactions with investors and other market participants.