Forecasts point to weaker overall economic growth than anticipated a quarter ago. On the inflation side, there has been a rapid moderation of the supply components, although the strength of the services sector has allowed core inflation readings to consolidate on a more rigid downward path, reverting more smoothly to wages. The baseline scenario maintains an environment of global stagflation, with growth continuing at rates below potential, particularly in developed markets. This context could translate into lower growth in the more cyclical lines of insurance business, as well as the need to control costs in the face of persistent inflationary pressures. Nevertheless, the higher levels of interest rates continue to help the development of the Life savings and annuities business, although the inversion of the slope of interest rate curves in many markets has become more pronounced, making the management of products with interest rate guarantees in the medium and long term somewhat more complex.