The author is an editorial writer of the JoongAng Ilbo.
A harsh winter is ahead for the global economy. The common enemy for all economies in 2023 will be stagflation, a grim mix of economic stagnation and high inflation. Estimates increasingly bet on the global economy growing at a slow pace of 1 percent next year.
The Institute of International Finance (IIF) has given a shocking 1.2 percent estimate for 2023 global growth — one fifth the 6 percent gain in 2021 — and less than half of this year’s 3.2 percent estimated by the International Monetary Fund (IMF). The IMF is expected to join the skeptical group. On Dec. 1, Managing Director Kristalina Georgieva said the chance of global growth falling below 2 percent next…