Economics has been called the dismal science and 2023 will justify that title. We are at the mercy of two catastrophes beyond our control. The first is the COVID-19 pandemic, which continues to threaten us with new, deadly, infectious or vaccine-resistant forms. The epidemic has been poorly managed by China, mainly due to its failure to vaccinate its citizens with the most effective mRNA (Western-made) vaccines.

The second disaster is Russia’s aggressive war in Ukraine. The conflict shows no end in sight and may escalate or have larger ripple effects. Either way, more disruptions to energy and food prices are almost certain. And as if these problems weren’t troubling enough, there is every reason to fear that policymakers’ response will make an already bad situation worse.

By Andrea Hargraves

"Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja."