IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 World situation According to the European Central Bank’s macroeconomic projec- tions, the global economic outlook has deteriorated in the face of considerable geopolitical uncertainty, high and rising inflation and fi- nancial conditions. World real GDP growth (excluding the euro area) slowed to 3,3% in 2022, is estimated to slow further to 2,6% in 2023, below its long-term average, and then to recover gradually to 3,1% and 3,3% in 2024 and 2025 respectively. In the course of 2022, the global economy has been buffeted by sev- eral shocks that have dampened the pace of recovery and will contin- ue to limit growth prospects. The war in Ukraine continues to disrupt markets for food commodities and energy products. Inflationary pressures remain high and widespread, reflecting robust demand, tight labour markets and high food prices, while energy pric- es have started to ease. The projections for the euro area for annual real GDP growth are of 3.4% in 2022, 0.5% in 2023, 1.9% in 2024 and 1.8% in 2025. The outlook for the euro area deteriorated in 2022, with higher and more persistent inflation than estimated. Economic growth slowed to 0,3% in the third quarter of the year. On the positive side, employment increased by 0,3% in the third quarter, with unemployment reaching a new historic low of 6,5% in October. Economic, sectoral and regulatory context 25