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Global Economy News 2022

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This page contains a few curated news stories relating to the global economy. They are listed below in chronological order with the source and date for each entry.

Self-Fulfilling Prophecy

Speculation about an economic downturn is probably the primary cause of economic downturns. At the end of 2022, many tech firms began laying off thousands of employees on short notice. Their stated reasoning was a concern about a possible dip in the economy. No doubt, an injection of many thousands of formerly high earning employees along with all of the disastrous economic dominoes that will follow, will negatively impact the economy.

Al Jazeera (31 Dec 2022)

“Is a global recession looming in 2023?” — If there is one word that has caught everyone’s attention in 2022, it is inflation. It has been a major concern for millions of people around the world and will remain so in 2023. All around the world, everyday goods and services are becoming more expensive. Rising costs are making life more difficult for many people, who are struggling to buy groceries, pay their bills and fill up their tanks at fuel stations. Global inflation is forecast to decline from 2022’s staggering 8.8 percent to 6.5 percent in 2023, while the world’s output will slow to 2.7 percent in the new year. Counting the Cost looks at what global economies can expect in 2023. [Source]

Bloomberg (16 Dec 2022)

“NY Fed’s Williams on Policy, Inflation, Economy” — Federal Reserve Bank of New York President John Williams discusses Fed policy, the central bank’s efforts to address inflation, and outlook for the US economy on “Bloomberg Surveillance.” [Source]

Channel 4 (16 Dec 2022)

“We are in a debt trap” – Nouriel Roubini on 10 ‘megathreats’ to our world and how to stop them — Nouriel Roubini is an economist, a professor in New York, a global economic consultant and an author who, amongst many distinguishing things, was one of those who foresaw the 2008 credit crunch and financial crisis. [Source]

CNBC (16 Dec 2022)

“Wages since the pandemic have not matched the increase in prices, says Jeremy Siegel” — Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, joins ‘Squawk on the Street’ to discuss fears related to the Fed’s monetary policy decisions, wages not matching inflation since the pandemic, and negative trends in the money supply as a deflation indicator. [Source]

ARK Invest (15 Dec 2022)

“Contextualizing Today’s Economy with Jeremy Siegel” — From The Great Depression and the two World Wars to now COVID and the escalation of the War in Ukraine, the world has had its fair share of economic downturns. However, the way we recover from it seems different now than it was in the early 1900s. Here with us today to discuss the differences and similarities of past, present, and future recessions is ex-Wharton Professor and esteemed economist, Jeremy Siegel. Jeremy shares his thoughts on the Monitor hypothesis, the potential severity of a recession, and how current technological advancements make an increase in productivity highly likely. We learn what the Federal Reserve could be doing better amidst the negative money growth we are currently experiencing before Jeremy gives us his take on digital currencies and why crypto may be a three-part revolution. [Source]

CNBC (15 Dec 2022)

“Ed Yardeni on recession fears: The economy will prove to be remarkably resilient” — Ed Yardeni, Yardeni Research president, joins ‘Closing Bell: Overtime’ to discuss what caused today’s market sell-off and whether he thinks we’re headed for a recession next year. [Source]

European Central Bank (15 Dec 2022)

“ECB Governing Council Press Conference” — ECB President Christine Lagarde explained the Governing Council’s monetary policy decisions and answered questions from journalists at the Governing Council press conference held on 15 December 2022 at 14:45 CET in Frankfurt am Main. [Source]

CNBC (14 Dec 2022)

“The U.S. economy has slowed significantly from last year’s rapid pace: Fed Chair Jerome Powell” — Federal Reserve Chairman Jerome Powell explains the central bank’s decision to raise interest rates another 50 basis points. [Source]

CBS News (13 Dec 2022)

“Biden says economic plan ‘is working’ after report showed cooling inflation in November” — President Biden said “things are getting better” after the government reported Tuesday that inflation slowed sharply in November. The Consumer Price Index rose 7.1% over the last 12 months, the Labor Department said. “Make no mistake — prices are still too high. We have a lot more work to do but things are getting better, headed in the right direction,” Mr. Biden said. The president acknowledge there could be setbacks in the future, but said his economic plan “is working.” [Source]

Wharton School (12 Dec 2022)

“The Economy in 2023: Jeremy Siegel’s Forecast – Wharton Business Daily Intervew” — Professor Emeritus of Finance Jeremy Siegel reflects on the progression of the economy in 2022 and looks at what we can expect in 2023, taking into account influences such as stock market trends and midterm elections. [Source]

60 Minutes (11 Dec 2022)

“Treasury Secretary Janet Yellen: The 2022 60 Minutes Interview” — The treasury secretary tells Norah O’Donnell how she thinks the economy will fare in the coming year and what her department is doing to end the war in Ukraine. [Source]

CBS (11 Dec 2022)

“Jamie Dimon on Ukraine, China, homeownership and more” — Jamie Dimon, the CEO of JPMorgan Chase, discusses the economic impact of Russia’s war in Ukraine, China loosening its “zero COVID” policy, mortgage rates and more. [Source]

Bloomberg (9 Dec 2022)

“Goldman’s Global Economic Outlook Through 2075” — Goldman Sachs Group Inc. economists see global growth on a declining path as they take a stab at predicting the path of the world economy through 2075. Kevin Daly, co-head of CEEMEA economics at Goldman Sachs breaks down the firm’s projections on “Bloomberg Surveillance Early Edition.” [Source]

Yahoo Finance (9 Dec 2022)

“Economy remains ‘far more resilient’ than expectations: Strategist” — Baird Investment Strategy Analyst Ross Mayfield and Morgan Stanley Investment Management Managing Director and Senior Portfolio Manager Andrew Slimmon join Yahoo Finance Live anchors Seana Smith and Dave Briggs to discuss the state of the U.S. economy amid the latest PPI and consumer sentiment data as well as inflation and market opportunities. [Source]

Fortune (8 Dec 2022)

“Harvard economist Jason Furman warns the U.S. economy could be headed for an ‘incomplete hard landing.’ Here’s what that means” — Fortune, by Will Daniel, 8 Dec 2022 at 11:56 AM CST [Source]

  • Excerpt: With inflation sitting near a four-decade high, despite the Federal Reserve raising interest rates six times this year, investment banks, CEOs, and consumers are growing increasingly pessimistic about the path ahead for the U.S. economy. JPMorgan Chase CEO Jamie Dimon said this week that “storm clouds” are on the horizon, and NYU professor Nouriel Roubini told Fortune last month that even “a variant of another Great Depression” is possible.

Bloomberg (7 Dec 2022)

“Roubini Sees 25% Drop for S&P 500 in Severe Recession” — Nouriel Roubini, chairman and CEO at Roubini Macro Associates, discusses how a recession can impact US equity and credit markets with Francine Lacqua on “Bloomberg Surveillance Early Edition.”[Source]

Bloomberg (6 Dec 2022)

“Goldman Sachs CEO Solomon on ‘Bumpy Times,’ Bonuses, Blockchain” — David Solomon, chairman and chief executive officer at Goldman Sachs, discusses preparing for a slowing US economy and lower compensation in 2023, Blockchain’s potential use in the financial system, and plans for the firm’s future. He speaks with Sonali Basak on the sidelines of Goldman’s US financial-services conference on “Bloomberg Surveillance.” [Source]

WSJ (6 Dec 2022)

“‘We Want to Be More Cautious:’ Goldman Sachs CEO on 2023’s Global Financial Outlook” — Goldman Sachs CEO David Solomon discusses inflation and how chief executives are preparing for tightening economic conditions, including the chance of a soft landing or a recession, at WSJ’s CEO Council. [Source]

WSJ (5 Dec 2022)

“Antony Blinken Discusses China, Russia and Other Global Risks to the U.S.” — Secretary of State Antony Blinken joins WSJ Editor in Chief Matt Murray at WSJ CEO Council to discuss the geopolitical, economic, and foreign policy challenges faced by the U.S. abroad. [Source]

TLS (1 Dec 2022)

“Is The U.S. Headed For A Recession? Sec. Janet Yellen Gives Her Outlook” — Secretary of the Treasury Janet Yellen makes her first visit to The Late Show to talk with Stephen about the pandemic’s effect on the economy and whether or not the U.S. is headed for a recession. Stick around for another segment with Secretary Yellen! [Source]

NY Times (30 Nov 2022)

“Janet Yellen on how to fight inflation without triggering a recession” — United States Treasury Secretary Janet Yellen discussed potential inflationary risks, our economic relationship with China, and the current “Lehman moment” for the cryptocurrency industry. Watch this wide-ranging interview with Andrew Ross Sorkin of The New York Times at the DealBook Summit event. [Source]

Deutsche Welle (18 Nov 2022)

“A new kind of global recession: Why this time is different” — The global economy is at an inflection point. The IMF projects that a third of the world economy will be in recession next year. War in Europe, a slowdown in China and soaring inflation have contributed to widespread pessimism around a growing, multifaceted economic crisis. In this episode, we will untangle the threads of the looming global recession. By comparing the current state of the global economy to the 2008 financial crisis, we will be exploring what makes this downturn different. [Source]

Bloomberg (26 Oct 2022)

“Sam Zell: US Heading for a Recession” — Sam Zell, Equity Group Investments chairman and founder, says the US is heading for a recession. He also talks about how the Federal Reserve is trying to control inflation and volatility around oil prices. He’s on “Wall Street Week” with David Westin. [Source]

Bloomberg (25 Oct 2022)

“Nouriel Roubini on Economic Threats, Dollar and Fed” — Nouriel Roubini, CEO of Roubini Macro Associates and author of “MegaThreats,” discusses the threats facing the global economy, the US dollar shortage and Federal Reserve monetary policy on “Bloomberg Surveillance.” Nouriel Roubini on Economic Threats, Dollar and Fed [Source]

NBC (20 Oct 2022)

“The Housing Market ‘Is Crashing,’ Says KPMG Chief Economist” — With 19 days until the elections, voters are concerned around the economic landscape. CNBC Senior Economics Report Steve Liesman and KPMG Chief Economist Diane Swonk discuss the state of the economy and concerns about a looming recession. [Source]

WSJ (15 Jul 2022)

“Why a 2022 Recession Would Be Unlike Any Other” — Is the U.S. in a recession? Many economists think that’s a possibility and by some measurements, it may have already started. But why aren’t people losing their jobs? Recessions usually come with a dip in economic output and a rise in unemployment. Right now, economic output is falling. But so is unemployment. WSJ’s Jon Hilsenrath has coined it a “jobful downturn.” We look at past recessions and indicators to explain how a recession in 2020 could be very different. [Source]

CNN (23 May 2022)

“Global economy is ‘out of balance’ says World Economic Forum Founder” — The 2022 World Economic Forum in Davos, Switzerland, is a consequential and serious one because “we are at the turning point of history,” says Klaus Schwab, Founder and Executive Chairman of the WEF. Schwab tells CNN’s Richard Quest that creating coordinated responses to global challenges is key. [Source]

By Greg Johnson

Greg Johnson is a freelance writer and tech consultant in Iowa City. He is also the founder and Director of the ResourcesForLife.com website. Learn more at AboutGregJohnson.com