The New York TimesThe New York Times

Why it seems everything we knew about the global economy is no longer true

By Patricia Cohen

17 Jun 2023 · 9 min read

informed Summary

  1. The World Bank warns that the global economy could face a "lost decade" as economic forces that powered progress and prosperity over the last three decades are fading.

LONDON — When the world’s business and political leaders gathered in 2018 at the annual economic forum in Davos, Switzerland, the mood was jubilant. Growth in every major country was on an upswing. The global economy, declared Christine Lagarde, then the managing director of the International Monetary Fund, “is in a very sweet spot.”

Five years later, the outlook has decidedly soured.

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