Outlook 2023 (I): dark clouds in the economic sky

From an economic perspective, the year 2022 held few bright spots. The Russian war of aggression against Ukraine, high inflation and the associated turnaround in central bank interest rates have led to a marked cooling of the global economy and major political uncertainties. These factors will continue to cloud the economic outlook in the coming year. But what does the future hold for the German economy, and also for the euro zone? How severe will a possible recession in the USA be? And how will China fare, whose economic outlook has deteriorated further, thanks in part to its strict Corona zero-tolerance policy?