World economy faces more pain in 2023
Paris: This was supposed to be the comeback year for the world economy following the Covid pandemic.
Instead, 2022 was marked by a new war, record inflation and climate-linked disasters. It was a “polycrisis” year, a term popularized by historian Adam Tooze.
Get ready for more gloom in 2023.
“The number of crises has increased since the start of the century,” said Roel Beetsma, professor of macroeconomics at the University of Amsterdam “Since World War 2 we have never seen such a complicated situation,” he said.
After the Covid-induced economic crisis of 2020, consumer prices began to rise in 2021 as countries emerged from lockdowns or other r
