GlobalCreditOutlook2023:NoEasyWayOutDec.1,2022ThisreportdoesnotconstitutearatingactionGlobalCreditOutlook2023:NoEasyWayOutspglobal.com/ratings/CreditOutlook2023Dec.1,20222ForewordDearreader,S&PGlobalRatings’GlobalCreditOutlook2023presentsourmacroeconomicandcreditoutlooksfortheyearahead,includingourbase-caseforecasts,assumptions,andkeyrisksforwhatpromisestobeanotherchallengingperiodfortheglobaleconomyandmarkets.Thisyear’stheme,NoEasyWayOut,looksindetailattheshocksreverberatingacrosseconomiesandmarkets,andwhyfindingawaythroughthestrainsweighingoncreditleaveslittleroomforerror.Becausegovernments,havingpiledondebtduringthepandemic,largelylackthefiscalcapaci...
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