The business outlook has been characterised by a period of severe instability, and it is currently unclear where the economy is going to land in the short-term. Admittedly, extreme price fluctuations are having a negative impact on companies’ future planning. Indeed, we have seen a smaller than expected contraction in the European economy in the first two quarters of 2023 with most countries avoiding recession. However, this was mainly due to the easing of supply chain bottlenecks and these positive catch-up effects are running out. The possibility of a perilous economic situation prevails, with multiple downside risks.