1、Looking ahead Infrastructure outlook for 2022 Infrastructure in the post-pandemic world. UBS Asset Management Whats the next road to recovery? The infrastructure sector continues to be resilient with robust performance across debt and equity. The sub-sectors worst hit by the pandemic are showing gre

2、en shoots, recovering in line with the macro environment. We see some challenges to the economy around supply chain disruptions, inflation and rising infections. At the same time, we also see strengthening market and policy tailwinds around decarbonization and digitalization, which support performan

3、ce and investment volumes. Global economy stutters, but still on track with recovery The global economy had been showing signs of a recovery but slowed in the third quarter, hit by a combination of supply chain constraints and the Delta variant of COVID-19. Business surveys reported that manufacturi

4、ng production is lagging behind orders, as firms try to cope with bottlenecks clogging the supply chain. These include shortages in computer chips, a lack of truck drivers and disruptions in global shipping. The eurozone bucked the global trend and economic growth accelerated slightly in 3Q21 to 2.2

5、% QoQ, while growth weakened in both China and the US. Japan is also expected to expect the economy to pick up again in 4Q21 and moving into 2022 as supply bottlenecks ease, but this is far from guaranteed. The recovery trend is supported by data across the energy and transportation sectors. Electri

6、city usage in the US and Europe (Figure 1) has recovered well from 2020 levels and is now back within the normal ranges after falling in response to a slowdown in economic activity in 1Q20. report a slowdown in activity once figures are released. We Figure 1: Electricity supply in the US and Europe