Looking Back at 2022: A Recovery or a Protracted Crisis?
Journal
Creating Economic Stability Amid Global Uncertainty
Publisher
Palgrave Macmillan, Cham
Date Issued
2023
Author(s)
Type
Resource Types::text::book::book part
Abstract
The year 2022 was a turbulent time for the global economy because of the cumulative impact of the war in Ukraine, rapid spread of COVID-19 Omicron, record-breaking heat waves, and other macroeconomic shocks. The adverse situation was reflected in many industries, as operations were hampered by employee absenteeism, supply chain disruptions, and inflation. Inflation is seen as the most severe long-lasting damage from the pandemic together with the recessionary interest rate hikes central banks have implemented to control it. Inflation is analyzed as mainly a supply-side problem, caused by supply chain disruptions and companies that went out of business during the lockdowns. As a consequence, high interest rates have so far failed to dampen inflation, but have negatively impacted investment, consumption, tax collection, and public debt payment issues for several countries. This Introduction also includes a commentary of all chapters in this volume. ©The authors ©Palgrave Macmillan, Cham.
License
Acceso Restringido
How to cite
Murillo, E., Rivas-Aceves, S. (2023). Looking Back at 2022: A Recovery or a Protracted Crisis?. In: Murillo, E., Morganti, P.R., Moreno Espinosa, J. (eds) Creating Economic Stability Amid Global Uncertainty. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-41386-5_1