After a strong recovery in 2021 and early 2022, the global economy is facing several headwinds that raise the possibility of a downturn.

Russia’s war in Ukraine is inhibiting economic growth in Europe, negatively impacting industry energy supply, consumer confidence and corporate spending.

Growth is slowing in China, reflecting strict COVID lockdowns and continuing government restraint of the tech and real estate sectors.

Real estate debt markets have tightened, as the U.S. Federal Reserve and other central banks seek to curb inflation by aggressively raising interest rates.