MILLI_RE_ANNUAL REPORT 2022

3.5% last year. In China, the economy likewise grew by 3%, not as much as the government’s official projection and most likely because quarantine measures began to relax towards the end of the year. In the January 2023 update of its World Economic Outlook report, the IMF said global growth, which it put at 3.4% overall in 2022, would most likely drop to 2.9% in 2023. Turkey’s economic growth remains on course. Continuing to benefit from strong domestic demand, the Turkish economy grew by 5.6% in 2022. Reflecting rising energy and food prices as well as exchange rate movements, twelve-month CPI inflation continued to rise throughout 2022, peaked, and eventually ended up at 64.27%. Twelve-month rises in domestic producer price inflation (D-PPI) reached triple-digit levels before closing the year at 97.72%. Despite a widening foreign trade deficit brought on by escalating energy and commodity prices as well as by a strong surge in gold imports, growth in tourism and services receipts continued to support the country’s current account balance. Rises in energy and commodity prices were constrained somewhat by central banks’ interest rate hikes and by increased concerns over a looming recession, with the result that inflation began to subside in the last quarter of the year. Nonetheless twelve-month CPI inflation in the USA was 6.5% in 2022; in the Euro area it was around 9.2%. The US economy registered a 2.1% rate of growth in 2022, attributable mostly to the continued strength of consumer spending. Although the euro area had been expected to suffer a contraction owing to high energy prices, in fact its economy grew by HIGH LEVELS OF INFLATION WAS OBSERVED GLOBALLY IN 2022. FINANCIAL STATUS RISKS AND ASSESSMENT OF THE GOVERNING BODY UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON 13 MİLLİ RE 2022 ANNUAL REPORT