A difficult year with worse to follow

There is a lot at stake for Russia in the ongoing Ukraine war, and it could cause a great deal of pain for the world

When a difficult year draws to a close, one hopes for a better morrow. Such hopes seem fanciful this time around. The year 2023 is likely to be far more challenging than the one that is about to end.
 

 The huge disruption this year is the yet unresolved conflict in Ukraine. The conflict has derailed global growth. It has caused inflation in the advanced economies to rise to levels not seen in decades. And it has provided fresh impetus to the process of de-globalisation that has been under way in recent years.
 

What happens to the global economy in 2023