In this report, which is complementary to “Our Twenty Key Predictions for 2023”, we assess the main risks associated to the central scenario implicit to our predictions. As uncertainty remains high in the current environment due to the existence of numerous risks, we aim to assess the approximate probabilities of their occurrence, the potential impact if they materialise and the possible reactions of authorities. Given the significant ongoing interest rate hikes, the risks analysed are not only purely macroeconomic, but are eminently financial, associated to the aforementioned interest rates, indebtedness and the evolution of financial and alternative markets (such as real estate).