In this Insight, we outline the highlights and drivers of our macroeconomic outlook Q1 2022. The global economy is set for a soft landing in 2022 after the exceptional resurgence last year. The general relaxation of restrictions placed upon economies to suppress the Covid-19 pandemic was a one-off that drove GDP growth to 5.7% year on year in 2021. Into 2022, the global economy is facing headwinds from tightening fiscal and monetary policy, elevated inflation and ongoing constraints in supply chains. Downside risks for our outlook are also intensifying. Please note that the economic forecasts predate the escalation of the conflict in Ukraine.