Economists warn that 2023 will be a tougher year for the world economy, citing 'a number of crises'
The biggest crisis is climate change, which is happening in slow motion for the world economy besides other major factors.
Instead, 2022 was marked by a new war, record inflation and climate-linked disasters. It was a "polycrisis" year, a term popularised by historian Adam Tooze."The number of crises has increased since the start of the century," said Roel Beetsma, professor of macroeconomics at the University of AmsterdamAfter the Covid-induced economic crisis of 2020, consumer prices began to rise in 2021 as countries emerged from lockdowns or other restrictions.
"Everything has become more expensive, from cream to wine and electricity," said Nicole Eisermann from her stand at the Frankfurt Christmas market.In the 27-nation European Union, 674 billion euros have been earmarked so far to shield consumers from high energy prices, according to the Bruegel think tank.
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