1、 Global Credit Outlook 2023:No Easy Way Out Dec.1,2022 This report does not constitute a rating action Global Credit Outlook 2023:No Easy Way Out Dec.1,2022 2 Foreword Dear reader,S&P Global Ratings Global Credit Outlook 2023 presents our macroeconomic and credit outlooks for the year ahead,includin

2、g our base-case forecasts,assumptions,and key risks for what promises to be another challenging period for the global economy and markets.This years theme,No Easy Way Out,looks in detail at the shocks reverberating across economies and markets,and why finding a way through the strains weighing on cr

3、edit leaves little room for error.Because governments,having piled on debt during the pandemic,largely lack the fiscal capacity to spend their way through this turn in the credit cycle,we expect credit pressures to intensify in the near term.And while we could see a stabilization of financing condit

4、ions in the latter half of the year,uncertainties remain high,with a focal point being the Russia-Ukraine war and its implications for energy markets.This report harnesses the power of our regional and global Credit Conditions Committees(CCC),who meet quarterly to review conditions in Asia-Pacific,N

5、orth America,and Europe as well as the Emerging Markets and globally.These committees define the house base case underpinning our credit ratings,in addition to identifying the key macro credit risks and their potential rating impact in various asset classes.This publication also highlights the deep

6、resources of the broader teams of S&P Global Ratings analysts and the Credit Research&Insights group,as well as their wealth of data and expertise in covering credit markets.Our Top Global Risks detail what could affect our baseline expectations,assessing the risk levels and forward-looking trends i