What Does 2023 Hold In Store For Us?

Irrespective of how India's economic situation emerges in the year ahead, it is currently in an advantageous position vis-à-vis other developed countries and emerging nations too. If digitalization and consumption, our greatest strengths at present, are harnessed in the year ahead, it could keep India safe in the eye of the storm brewing in the global economy.

- Sudip Bandyopadhyay

Following two unprecedentedly difficult years - 2020 and 2021 2022 started with the hope of a sustainable recovery. Despite the third wave of the pandemic sweeping across the globe, everyone seemed better prepared, and the recovery path from this wave was faster than expected for most nations. But by the end of the year, citizens of the global economy find themselves struggling to be optimistic about 2023.

Between its start and finish, 2022 has had its own challenges. Just as the third wave of the pandemic seemed to be petering out, the conflict between Russia and Ukraine erupted, triggering international concerns. The year also witnessed economic woes, including rising inflation and food shortages. The year was characterized by an increasingly urgent climate emergency, with world leaders meeting in Egypt to decide how to avert the looming crisis.

All this has impacted people's sentiments. Year after year, Ipsos a global market research and consulting firm headquartered in France, asks the people of the world to reflect on the year gone by and the year ahead. They ask, "How has the year gone by for you?" and "What do you expect from the year ahead?" This year, over half of its 24,000+ respondents from 36 countries described 2022 as a bad year for themselves and their families. An even larger group (73% of respondents) said it has been a bad year for their country.

Nevertheless, the responses for 2022 marked an improvement over those in the previous two years - no surprise there. The corresponding figures for 2021 and 2020, which will go down in history as the annus horribilis of the century, were much worse. The sentiment towards 2023, as captured by Ipsos' survey, was cautiously optimistic, with concerns about where the economic situation is headed, apprehensions of climaterelated disasters, and fears concerning nuclear weapons.