largest 21 ifrms were in receipt of any material payment Based on our experience up to the end of September supported by capital which is contributed by individual partners. Equity partners may be required from governments. Only one of our largest 21 ifrms took 2021, we expect our revenue growth in FY22 to to contribute extra capital based on changes in their part in a government scheme to furlough staff in FY21, outstrip FY21 as demand for deals and restructuring responsibilities, or because a partnership requires and even then for only a very small number of staff. services remains strong and companies look to additional capital to support anticipated organic and build for the future. We are also seeing increasing In future years we will collect and report information inorganic growth in the future. demand for our risk-related services and our broader on payments from governments from all PwC assurance work, as companies look to quantify and Assets are predominantly related to working capital member ifrms. report on not just their ifnancial performance but also (debtors and cash), technology and the ifxed assets their broader impacts on the planet and society. associated with our ofifces. Outlook Adequate banking facilities are maintained by each Economic growth is expected to rebound strongly partnership both to manage working capital and in our largest markets in FY22, creating a positive provide protection against eventualities that may be environment for professional services. reasonably expected to come about. In early FY21 many member ifrms negotiated additional banking Globally our economists expect growth to remain facilities in light of the uncertainty associated with strong through 2021. We project that global real GDP COVID-19. In most cases, the member ifrms did not will increase by around 6.1% by the year end in market require these facilities and net indebtedness is lower exchange rates, in stark comparison with the economic than at the end of FY20. turmoil of 2020, when global real GDP contracted by more than 3%. While we think economic growth will Payments from governments moderate in 2022, it will remain relatively strong, with With regard to our 21 largest ifrms, which are our main scenario projections estimating real GDP responsible for the generation of over 90% of our growth of around 4.3% in 2022. revenues, and with the exception of reliefs that are enacted with general applicability, no PwC ifrm was The pandemic has left organisations with an acute in receipt of any signiifcant or material payments need to repair, rebuild and reshape their businesses for from governments in FY21. the future. Our strategy - The New Equation - which is focused on helping build trust and deliver sustained With regard to speciifc payments or reliefs connected outcomes, and brings our capabilities together in a to the COVID-19 pandemic, again with the exception single community of 295,000 solvers, is designed to of blanket reliefs given to all businesses, none of our support clients as they do this.