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The Year Ahead 2023

The Global Economy of 2023 Is Going to Be a Wild Ride

The pillars of prosperity that supported 30 years of growth have crumbled. Now the world has to cope with inflation, labor shortages and geopolitical unrest.
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Photo illustration: 731; Photos: Alamy; Bloomberg; Getty Images

Not for nothing has this been dubbed the “dangerous decade.” Already, a global pandemic, Russia’s invasion of Ukraine and the return of inflation have shaken the 21st century global economy to its core.

After the shocks of 2022, a recession for large parts of the world in 2023 seems a safe bet. Tougher to gauge, and more frightening, is the long-term impact of money itself being repriced and the assumptions that underlie more than 30 years of global economic history being overturned.