New year 2023

                                                                                      Shutterstock

The new year beckons. 2023 will no doubt follow a similar pathway to the very difficult sequence of recent years since COVID-19 first appeared thereafter being followed by a serious military conflict in Europe. The resultant compounding impact on world economies has led to central banks in established economies warning of a strong likelihood of a world-wide recession in 2023. The year ahead promises to provide a serious challenge for people across the world as summarised below -

• The global economy continues to contract with the International Monetary Fund (IMF) in October 2022 reducing its global growth forecast from 2023 to 2.7%, compared to a 2.9% forecast in July, amid combined pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest rates. The IMF has warned that conditions could worsen significantly during 2023. Most of the professional investment firms and funds agree and have continued to hold large cash reserves.

• The Russian - Ukrainian war, initiated by the Russian president, Vladimir Putin commenced on 24 February 2022 and has now continued for over 10 months with no resolution in sight. The Ukrainian government and the country's armed forces have held their ground with Western military assistance and continue to do so. The impact of this conflict has been felt across the world and far beyond Europe's borders.

• COVID-19 continues to pose a threat despite the development of capable vaccines including new generation mRNA ones. The sudden opening-up of China in December 2022 after a high level of restrictions through the country, coupled with low vaccination rates and poorly performing locally produced vaccines has seen staggering infection rates in that country. The risk of new variants arising in China being a key concern of the World Health Organisation. China has now ceased publishing data on infection rates.

         The WHO COVID dashboard can be accessed at this link: WHO - COVID 19 dashboard

• Climate change and global warming will remain in the centre of critical issues to combat as extreme weather events remain a threat world-wide. 2023 will be no different.

Despite these challenges, may 2023 be a year of success and health for you.