ZAHID HUSSAIN

The beginning of a new year is not just a moment for resolution. We are in a season that is about both reflecting on the past and looking forward to the future. 2022 ended with many unpredictable outcomes. Most worryingly, there is no end in sight in the war in a large part of Eastern Europe. We may be just one accident due to malfunction, bad aim, or deliberate provocation away from something globally cataclysmic.

Be that as it may, there is a chance that next year will bring Armageddon of the economic kind. There are worries about how developed economies will respond to the global shift towards higher interest rates and tighter monetary policy. Chinese authorities have abandoned the zero-Covid policy responsible for slowing growth and public unrest.

The unlocking of the global factory comes with the risk of an economically damaging surge in the disease. The consensus among economists is recession looms large. The question seems to be how hard or soft the landing will be.