One event overwhelmed everything this year: Russia’s invasion of Ukraine. The conflict has sparked rapid shifts in defense, energy and commerce.
Meanwhile, the world continues to emerge from the pandemic, with one exception: China. Its “zero COVID” policy has added to existing supply chain pressures, and the war has worsened.
A woman stands in front of an empty refrigerator in her home in Brasilia in September. Rapid inflation worldwide has pushed some households to the brink of collapse. | Reuters
