The global economy has been tested like rarely before in 2023: inflation and the most aggressive monetary tightening campaign in decades, wars in Europe and the Middle East, a simmering real estate crisis in China and the intensifying rivalry between Washington and Beijing forcing companies to restructure supply chains and rethink security.
Despite these vulnerabilities, the global recovery from the pandemic continued to progress. In the U.S., consumers defied expectations and continued spending, prompting many economists to abandon their downside scenarios and predict a rare soft landing. In China, the booming electric vehicle industry — along with a healthy dose of fiscal stimulus — helped leaders stay close to their growth target. And the world economy's great new hope, India, has picked up some of the slack.
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