The growing intersection of supply chains, connectivity and access to data is increasing the potential for significant cyberattacks, creating new risks for governments and businesses worldwide.

Recovery from the unprecedented economic shock of the coronavirus will be tenuous and inconsistent. Prospects will diverge across countries, regions and sectors, constraining the recovery’s overall pace.

Weak earnings and solvency concerns will weigh on hard-hit companies and governments; higher debt levels and more relaxed underwriting will erode the positive effects of historically low interest rates on debt-servicing capacity.

Policy uncertainties around trade, unforeseen events like coronavirus outbreak, as well as long-term structural challenges pose credit risks to China, increasing credit differentiation between domestic regions and sectors.

E-commerce and other digital service delivery will continue to ramp up as a result of rapidly changing consumer habits, with implications for a range of sectors. Changes in digital behavior will also result in increased cyber risk.

The continuation of fiscal support will be in focus as some governments will have more limited capacity to provide further relief, while monetary policy will remain highly accommodative. Geopolitical and trade tensions will remain in the spotlight.