S&P Global Ratings has revised up its eurozone growth forecast for this year, in light of a strong post-COVID recovery underway. GDP in the second quarter rose by 2.2%, and unemployment has already fallen to the rate we expected it reach in 2022. The strong recovery has added to supply chain disruptions that will likely persist into next year. The resulting higher costs in materials and shipping may squeeze margins for many corporates. Energy prices are soaring. This surge has been a key contributor to inflation overshooting most forecasts. New risks are emerging, including the transition to a low-carbon economy, which threatens to disrupt industries and business models--transport, construction, and utilities are most at risk.