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The Neutral sector outlook for banks in 2022 underlines a significant change in their operating environment. A year ago, the outlook was significantly more uncertain, particularly for emerging-market economies. ���������ֳ� expects business conditions for banks to be similar to those in 2021, as the global economy continues to recover, although at a slower pace. Asset quality will deteriorate moderately as fiscal and policy support wanes. However, we expect this to be offset by pre-impairment profitability, accumulated loan impairment allowances and capital buffers.