The world economy is beginning the new year on a more optimistic note, though that’s no guarantee 2023 will end that way.

A variety of factors — a sooner-than-expected reopening of China’s economy, a warmer-than-normal winter in energy-strapped Europe and a sustained fall in U.S. inflation — are combining to dissipate some of the gloom that engulfed financial markets at the end of 2022 and fanning hopes the world can dodge a recession.

But with the Federal Reserve, European Central Bank and several peers still pushing ahead with higher interest rates, the risk of a slump later in the year can’t be dismissed, especially if inflation proves sticky and doesn’t retreat as much as central banks want.