As the year draws to a close, and 2023 is on the horizon ready to be experienced, it is natural to want to peek into the future to see what is in store for the new year. Although no one has a crystal ball that can foretell the future, there is a good chance that the beginning of the new year will be a continuation of the same. From economic questions to climate woes, much of the unrest of 2022 is likely to continue, but going into the new year with eyes wide open is the best way to face it.
A War for all Seasons
One thing that has been a constant for most of 2022 is the war in Ukraine. Most experts predict that by the end of 2023, the war in Ukraine will still be in full force. Though Ukraine stands a large chance against Russia in the coming year, Russian leader Vladimir Putin has made it clear that he will stop at nothing until the entire country is annexed. Many people believe that Ukraine will hold its own in the next year because the Russian soldiers are quite reluctant to continue fighting and the cost of the war may finally convince the Russians that it is not worth it. Additionally, if Ukraine’s allies finally recognize the large economic toll that the war is taking on their own economies, they will intervene and provide enough weapons to overcome Russia. However, it is also possible that the new year will bring more of the same difficulties, with Ukraine fighting for its life against Russia.
Economy: Downturn in America, Inflation in Europe
As for the United States economy, the news is not great, as there are just too many factors at play for a positive boon to occur. According to JP Morgan, “We expect the U.S. economy to expand at a muted 0.5–1% pace in 2023, as measured by real GDP, which incorporates our prediction for a mild recession beginning in late 2023. This would be a further deceleration in growth from 1.5–2% in 2022, 6% in 2021, and the longer-term average annual growth rate of 1.8%.” People will try to hang on to their money and will be reluctant to get involved in mortgages and other economic commitments as they try to save for a rainy day.
Much of the world will fare even worse, however. The energy crisis in Europe will likely continue, especially as energy prices spike…