IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 The IMF has advised that efforts should be made to mobilise more non-oil tax revenue, reform public enterprises and rationalise expend- iture (in particular reducing fuel subsidies) in order to create a fiscal cushion for increased investment and social spending. Economic di- versification should be the focus of the National Development Plan (NDP) 2023 - 2027. Final Note Global growth is slowing sharply due to high inflation, higher interest rates, reduced investment and repercussions of the war in Ukraine. Considering the fragility of economic conditions, any new unfavour- able developments, namely higher than expected inflation, sharp increases in interest rates to try to contain it, a resurgence of the Covid-19 pandemic, or increased geopolitical tensions, could push the global economy into recession. 29