When the world’s business and political leaders gathered in 2018 at the annual economic forum in Davos, the mood was jubilant.
The global economy, declared Christine Lagarde, then the managing director of the International Monetary Fund, “is in a very sweet spot.”Five years later, the outlook has decidedly soured.
“Nearly all the economic forces that powered progress and prosperity over the last three decades are fading,” the World Bank warned in a recent analysis.
And inflation, thought to be safely stored away with disco album collections, returned with a vengeance.
But as the dust has settled, it has suddenly seemed as if almost everything we thought we knew about the world economy was wrong.
Persons:
Christine Lagarde
Organizations:
International Monetary Fund, World Bank
Locations:
Davos, Europe, United States, China