We expect the global economy to grow only weakly by 1.6% in 2023 (2022: +3.0%). High raw materials costs, rising consumer prices and higher interest rates will depress demand worldwide. We are also assuming that the positive post-pandemic effects have already run their course. We expect growth of only 1.8% for global industrial production (2022: +2.5%) and 2.0% for global chemical production (2022: +2.2%). Uncertainty about future developments remains high.