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Market Outlook of the Management


Business Outlook

During 2021, there was a noticeable recovery in the global economy following the easing of pandemic-related restrictions in the wake of accelerated vaccination campaigns. The recovery was also supported by national plans to support the development of infrastructure projects, energy transition and digitalisation. The strong recovery in economic activity was accompanied by significant inflation pressures, mainly driven by rising energy and commodity prices and continuing disruptions in supply chains. Towards the end of 2021, some central banks showed confidence in the economic recovery and began withdrawing some monetary stimulus measures, also with a view to containing rising inflation.