Looking Back at 2022: A Recovery or a Protracted Crisis?

Enrique Murillo () and Salvador Rivas-Aceves ()
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Enrique Murillo: Universidad Panamericana
Salvador Rivas-Aceves: Universidad Panamericana

Chapter Chapter 1 in Creating Economic Stability Amid Global Uncertainty, 2023, pp 3-21 from Springer

Abstract: 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.

Keywords: Inflation; Economic volatility; Supply chains; Interest rates; Monetary policy (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-41386-5_1

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DOI: 10.1007/978-3-031-41386-5_1

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