December, the month where festive end-of-year preparations and celebrations shift into top gear, just as commentators become busy reflecting on the past year and making predictions for the next.
In the finance sector, our inboxes overflow with analysis of likely economic and market developments in 2023. But even the best forecasting powers are not a crystal ball. What lies ahead this year is not one single challenge, but rather a series of global challenges that are both interconnected and overlapping, defined above all by uncertainty and overshadowed by the unknown and the unknowable.
2022 saw the 40-year period of low inflation and low interest rates come to an abrupt, if not unforeseen end1. Both Covid-19 and the Russia/Ukraine war accelerated long-brewing shifts in macroeconomics and geopolitics, illuminating in parallel the multitude of structural weaknesses in global systems.
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