Country and sector risks barometer : 2023 country risk conference special

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      <subfield code="a">The year 2023 starts with good news, at least on the macroeconomic front. Thanks to an autumn and early winter that were abnormal from a climatic point of view - which is the least good news - Europe has avoided a recession that looked long promised. Efficiency gains in all sectors and the slowdown in activity did the rest, allowing energy prices to fall sharply and thus leading to a welcome slowdown in inflation. The prospect of a strong rebound in China in the second half of the year, albeit very uncertain, also raises hopes that the global economy will get out of its current slump. This was enough for the financial markets to go wild, particularly in Europe: equities, bonds, credit, etc., all of which are now in the eyes of investors, who are rightly reassured by the fact that the worst-case scenario is now, for the time being, at bay. While we fundamentally concur, we must be careful not to become complacent. The challenges facing the global economy last year remain relevant and the multidimensional crisis we are experiencing is not about to disappear</subfield>
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