IBERSOL • 2023 Integrated Management Report

STRATEGIC FRAMEWORK Final Note With disinflation underway and growth stabilising, the likelihood of a hard landing in the world economy is decreasing and the risks to growth are broadly balanced. A faster disinflation process could lead to a greater easing of financial conditions. Further increases in commodity prices due to geopolitical shocks – including continued attacks in the Red Sea – and disruptions in supply or more persistent underlying inflation could prolong tight monetary conditions. Deepening property sector problems in China or, elsewhere, a disruptive shift towards tax increases and public spending cuts could also cause disappointments in growth. 30