The global economy was full of surprises in 2023. Despite the sharp rise in interest rates, the US successfully avoided a recession, and major emerging markets did not spiral into a debt crisis.
Even Japan’s geriatric economy showed stunning vitality. By contrast, the European Union fell behind, as its German growth engine sputtered after China’s four-decade era of hypergrowth abruptly ended.
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Project Syndicate
Kenneth Rogoff is a former chief economist of the International Monetary Fund and professor of economics and public policy at Harvard University.
