US deep dive | Overall healthy outlook for 2022, with need to navigate 2 four risks of the 2022 macroeconomic environment Important to consider US economic outlook in your 2022 planning: US economy at frontier of rebounding global economy: US stimulus has led the world and 0 2. n o i s delivered a faster and stronger rebound than in most other economies. It also means that the US is r e the first to experience bottlenecks in labor and product markets associated with a strong 1 V 202 r e b consumption overshoot -dynamics that are growing around the world o t c 25 O ed t a US centrality to global system: US dynamics matter not only because of weight of US economy in d p u es v global system but also for financial and monetary policy spillovers to the rest of the world i t ec p s er P e v i t u ec In the US, consumerspending will support a healthy outlook for 2022, with expected growth still above x E G C B (long-term) trends. Although risks are likely to ease, need to monitor and manage four areas: . ed v er es r s t h g i r l l A 1 2 3 4 . p u o r G g n i t l u s n o C n o t s o Labor market Product market Inflationary Monetary policy B y b 1 2 0 bottlenecks bottlenecks pressures normalization 2 © t h g i r y p o 9 C Source: BCG