It is not possible for me to predict with certainty what will happen to the global economy in 2023, as there are many factors that can influence economic conditions and it is difficult to predict how they will evolve over time.

Some of the factors that can impact the economy include government policies, monetary policy, global trade patterns, and natural disasters, among others.

Global Economy

For our region, in Asean, one thing for sure is that China’s COVID fight will continue to impact the growth of the economies of the region. We depend largely on China in terms of exports and imports.

For our exports, the European Union being broke, it will impact our exportations and tourist arrivals as well as source of investment. The war in Ukraine will continue to be a bone of contention in the West that will continue to impact our economies.

However, in general, the economy tends to experience ups and downs over time, with periods of growth followed by periods of slowdown or contraction. We are seeing contractions in some areas and growth in others.

Expect the private sector to contribute to the growth of the local economies in the region and also at a global level. But with the largest firms in the world losing more than a quarter to a half of their market value last year (2022), there are fears that this may continue to dampen investment, job availability and production.

This may result in another inflationary push in some sectors, including importation of goods that may be of higher prices.

Be prepared

But the fluctuations in the global economy are a normal part of the business cycle and are often referred to as booms and recessions. With the latest data on hand, it appears the 2022 recessionary pressures are not going away in 2023.

It is important for individuals and businesses to be prepared for potential changes in economic conditions and to have a plan in place to weather any storms that may arise.

In the long run, the economy tends to grow, driven by advances in technology, increased productivity, and other factors.

However, the rate of economic growth can vary significantly from one year to the next and can be affected by a wide range of factors. As a result, it is important to stay informed about economic developments and to be prepared for a range of outcomes.