The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen. It was the year when the real impact of COVID-19 could be assessed on the global economy, further slammed by the war in Ukraine.
While countries like the United States witnessed the fear of recession, the United Kingdom was reeling under two-digit inflation.
Globally, too, there is optimism for the Indian economy but much of it is based on extrapolating from the country’s potential and significant challenges remain.