Sanctions on Russia combined with supply shortages elsewhere may keep oil prices elevated despite lower global demand. Higher global oil supply combined with weaker demand growth could stabilize the oil market in H2 2022 and in 2023

China's State Council unveiled a plan to promote retirement savings, which is sorely needed, given inadequate public and employer pensions. This new retirement savings plan will help deepen China's financial markets and reduce volatility.

Rising borrowing costs and the strength of the USD will exacerbate debt vulnerabilities in emerging markets; With EM budget deficits still running above pre-pandemic levels, higher and more volatile energy prices could force some countries to increase public spending even further; Effective investor relations (IR) programs can play a vital role during times of diminishing market confidence to mitigate contagion by providing investors with a better understanding of policy goals; However, successful IR practices require timely dissemination of relevant information beyond central government debt obligations and fiscal operations. Countries still need to provide more data on ESG priorities and progress.