This year’s survey indicated an uncertain outlook for Asian businesses. Economies across the region are enjoying a return to business as usual and recovering from the effects of the COVID-19 pandemic. Yet the invasion of Ukraine has set off a chain of events that roiled global markets and left the world with no clear path out of soaring inflation and slowing growth. The crisis has also heightened tensions between China and the West, causing other Asian countries to feel as though they are caught in the crossfire. China’s slowing growth presents a concern for the broader region. Climate issues may have temporarily faded into the background as business leaders respond to more urgent day-to-day priorities, but the increasing frequency and unpredictability of extreme weather events will not allow them to remain there for long. Asian businesses face significant external pressure to reduce their emissions and meet climate goals in order to stay competitive. Some businesses see new opportunities emerging amid the energy transition, disruptions to the global trading system, and the rebuilding of supply chains. However, for others, the worst may not be over yet.