SMEs comprise the vast majority of businesses globally, accounting for significant shares of GDP and employment; The majority of SMEs have insufficient access to financing: this gap stands at 18% of global GDP, and is higher in many EMDEs; Few SMEs measure and disclose their carbon emissions-a big challenge as global firms decarbonize their supply chains; New tools and initiatives have emerged to scale up sustainable finance for SMEs, including green credit guarantee schemes.

This note takes stock of the most salient recent policy developments relating to digital assets and proposals at the global, regional and national levels, including recent lawmakers’ consideration and moves by key regulators and central banks.

The February 2022 edition of the Insurance Update provides targeted updates on IIF insurance activities and events.

This paper will systematically look at additional sanctions that have been or could be imposed on Russia in several key areas: global payments systems, access to the U.S. Dollar, sovereign debt, hydrocarbon exports, and export controls. Equally important, it will not only analyze the effects of these latest sanctions on the Russian economy but also the broader implications for international financial markets. For example, one of the biggest impacts on the global economy is likely to be on trade. While details on how the new sanctions affect energy are still emerging, we do know that sanctions on its central bank will make it more difficult for Russia to export energy and other commodities. As a result, we may see commodity prices surge.

EM debt is fast approaching to $100 trillion, driven in large part by Chinese non-financial corporates; Moreover, emerging market governments are increasingly reliant on short-term debt.

Rising inflation has forced major LatAm central banks to hike forcefully. A bottom-up analysis of inflation shows that the inflation surge has been broad-based across CPI baskets, suggesting demand-pull factors. Sustained inflation momentum in Mexico is tough to reconcile with the weak recovery.

The February 2022 edition of the Global Regulatory Update provides targeted updates on current workstreams and events.

Some $10 trillion was added to the global debt mountain last year, bringing the total to a new record high of $303 trillion.

Natural gas imports from Russia have fallen sharply, and storage levels are extremely low. Europe’s high dependence on the country creates vulnerabilities and limits policy options. In the short term, Europe would likely be able to manage even in case of a full disruption. But a full replacement of Russian imports does not seem feasible for a number of reasons. Among them are infrastructure constraints and the lack of alternative supplier capacities. Thus, politically and/or economically painful demand-side adjustments would be needed. Nonetheless, Europe should begin to invest in reducing vulnerabilities while there is time.

China’s economy slowed down markedly in 2H2021 due to energy shortages, tougher regulations, and a housing slump. Though policies are turning more supportive of growth, the outlook for 2022 is still highly uncertain. We expect China’s GDP to grow about 5% in 2022.