During 2022, external risks materialised and global economic growth slowed. Expected to reach +3.2% in 2022, it is still benefiting from the effects of the post-COVID recovery. The slowdown is mainly due to difficulties in meeting demand, which is only just beginning to slow down.

Rising inflation is reducing households' real income and weighing on the outlook for 2023, fuelling the risk of recession in many countries.

TRM and TRV are affected by fuel price increases, for example +52 % in the annual trend for TRM diesel. All their other costs are also experiencing significant inflation, close to +6 %.