Amid a barrage of shocks during the past four years, the global economy has proved to be surprisingly resilient. Major economies are emerging mostly unscathed after the fastest rise in interest rates in 40 years—without the usual scars of steep unemployment rates or financial crashes. Global inflation is being tamed without tipping the world into a recession. It is rare for countries to bring inflation rates down without triggering a downturn, but this time a “soft landing” seems increasingly possible. Yet beyond the next two years, the outlook is dark. The end of 2024 will mark the halfway point of what was expected ... (full story)