Across the 83 banking systems that we cover, credit losses will amount to more than $2.5 trillion over the three years to end-2025. These forecasts represent an annual rise in credit losses of $108 billion (16%) in 2023, and more modest rises of $48 billion and $35 billion in 2024 and 2025. We see subdued, but positive, loan growth across much of the world over the same period.