By Zanny Minton Beddoes: Editor-in-chief, The Economistof the Collins English Dictionary have declared “permacrisis” to be their word of the year for 2022. Defined as an “an extended period of instability and insecurity”, it is an ugly portmanteau that accurately encapsulates today’s world as 2023 dawns.
What happens next? It all depends on how these three shocks—geopolitical, energy and economic— evolve, and how they affect each other. In the short term the answer is grim. Much of the world will be in recession in 2023, and in several places economic weakness could exacerbate geopolitical risks. This poisonous combination will be most evident in Europe. Notwithstanding the mild autumn and resultant dip in energy prices, the continent faces difficult winters in 2022-23 and 2023-24.
The biggest geopolitical risk is that Mr Putin, unable to succeed on the battlefield, tries harder to exploit these European vulnerabilities. This strategy is already evident in Ukraine itself, where Russia is doubling down on trying to destroy the country’s energy infrastructure as winter approaches. So far Mr Putin’s attempts to break the solidarity of backing for Ukraine in western Europe by weaponising gas have failed.
America’s economy enters 2023 in fundamentally stronger shape than either China’s or any in Europe. The Federal Reserve’s aggressive rate increases will tip the economy into recession, but with the labour market still strong and household savings copious, it will be a mild one. Although high petrol prices have reinforced the inflation surge and hurt the Biden administration, the country is a big energy producer and has therefore benefitted from this year’s commodity shocks.
The media's been projecting a recession for the past 2yrs. The right hoping desperately for some official entity to declare we're n one. While the left just seems to want content for their talk shows. There seems to b general disappointment we're not n one¯\\_(ツ)_/
All thanks to mainstream media Bravo 👏 Reap what you sow. You too, shall suffer the consequences of your “journalism”
Insightful! As far as the world dynamics are concerned, that is possible it has happened before.
Ultra wealthy people want to get rid of borders at the expense of their common people they betray. Houses have borders just like nations. Time to start trespassing on rich peoples property to show them how it feels.
What should I say
We thank the WEF
The earth is round, unless you're suggesting we should revisit the flat earth hypothesis? Cube-earth maybe?
Taper tantrum....its coming...
Lol
No we need to get the corrupt soul selling for $ tf out !!!
narco families doing a (1980s) come back ...
Thank you WEF in your attempts to destroy life as we know it 😡
Why you don’t have free version with ads? What about the information right?
Russia will help the enemies of the United States with weapons and PMCs. This was achieved by the State Department by supplying weapons to Ukraine.
But Biden says…
Quando smetterete di pompare soldi in armi ucraine e sanzionare la Russia che ha le materie prime in abbondanza. Allora finirà la recessione, lo sa chiunque sia capace di fare 2+2 e che non è speculatore.
zannymb
zannymb In any event, I hope coffee consumption won't be affected negatively!
zannymb its inevitable because they keep spending money they don't have or even own. Simple mathematically
The US stock market doesn’t seem to care at the moment!
The new world order looms near.
Our Govt has manufactured our energy crisis and US inflation. Wake up people!
We’re already there.
🤡👎🏾
✅
A Darryl in his habitat
zannymb Don't blame your outpourings on one person. You are all complicit in your disgraceful postures.
Was gonna take this seriously until i saw it was a post from the economist
Wish That Aggressor Putin Fails Miserably and Ukraine Succeed in Taking back it’s Entire Territory from Russia… Hollowness of United Nations as An Institution Surfaced Again…. Democratic Nations Must Unitedly Back Ukraine….
It’s inevitable because the Federal Reserve is creating it
NATO expansion has triggered Ukrainewar. Overreaction, but Russia has been cautious in the war & in its dealings with Europe as it sees its Supplychain synergies to re-emerge finally. 50% of Ukraine energy is incapacitated. Approaching Talking stage. War fatigue has set in
Step1: there is no recession. Step2: okay but it was inevitable and not our fault. Step3: okay it was our fault but it is a good thing. Oh we are on step2.
Hadi inşallah Türkiye Batı Avrupa'ya çıkar.
Nationalism will win.
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