Trade: What’s Left of Globalisation?
The World Ahead 2023
2022 was a tough year for the global economy and economic governance. Just when the global economy was starting to recover from the Covid pandemic, Russia invaded Ukraine and geopolitical frictions intensified. The world is now facing a triple crisis as a result: an energy price crisis, a food crisis, and a financial crisis. This comes on top of the health and climate crises. There are major uncertainties surrounding policy. Those who hope that the worst is soon behind us and that 2023 will be an easier year will likely be disappointed as governments struggle to buffer adjustment pains with shrinking fiscal space.
