The global economy is facing a number of challenges and uncertainties as we head into the new year. There are concerns about rising inflation and interest rates, as well as the potential for increased trade tensions and geopolitical risks. Despite these challenges, there are also reasons for optimism. In this report, we analyze the performance of financial markets and major economies in 2022 and the factors that influenced them. Additionally, we provide our outlook for global and GCC economies and the performance expectations for major asset classes in 2023, taking into account evolving political and economic developments.