Major Trends in Global Economy CBGA Assessment

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The report is an assessment of major issues and events in global economy in 2022 in order identify the emerging trends and directions. Post pandemic slower growth, war in Ukraine, protests in China and Iran, energy shortages in Europe, protectionism in the United States, skyrocketing debt in developing countries and soaring inflation are slowing growth almost everywhere. The last 12 months have piled one challenge for the global economy on top of another. The report has identified a host of adverse trends which have featured in 2022. Major trends include: declining global growth, contagious double-digit inflation across half the globe, high food price and a high CPI rate, global supply chain disruption, increasing unemployment, rising defense spending, debt crisis, currency depreciation, crisis in foreign currency reserve, and unsettled remittance flows. In the case of Bangladesh, many of these factors have marked an adverse impact on economy. However, the government measures and socio-economic resilience have prevented Bangladesh economy from facing severe crisis.

Many analysts argue that in the year 2023, several conceivable scenarios might set off conditions that would be considered an “economic catastrophe”. It is possible that supply chains may be disrupted and that this would lead to shortages as well as an increase in prices if the conflict in Ukraine continues to worsen or if tensions grow with China, for example over Taiwan. Important infrastructure may be knocked down at any moment and in any location by malicious cyberattacks, which might have enormous effects. There are a variety of factors that will influence the global economic forecast for the year 2023, regardless of whether or not a worldwide recession actually occurs. To begin, if the conflict in Ukraine and the western sanctions remain as they are right now, it is very likely that there will be a further shortage of food and energy. The central banks of major countries as well as emerging economies will play a significant part. This is due to the fact that central bankers operate on a meeting-by-meeting basis as they analyze the most recent data. The pace of production in China and the economic battle between the United States and China will exert more pressure on the global economy since these two countries are the primary drivers of the global economy. Finally, the price of energy will take on a more unstable form in a number of nations, and the consequence of such a move implies that there will be a worldwide energy shortage in 2023. The world economy in 2023 must be reshaped and reoriented to overcome the challenges and address the pains and sufferings of the millions of marginalized people.

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