| After two years of COVID-19, the global economy returned to a growth path in 2021, according to the OECD Economic Outlook in November. This recovery from the pandemic stopped even more abruptly in the second half of 2022 at the latest than it had picked up speed due to the economic war with Russia. Whereas Europe and the USA will experience virtually no economic development in 2023 and de facto scrape along a recession, Asia will once again drive the global economy. This is due in particular to India, the current economic engine: At 6.6 percent, the country will grow at about twice the rate of the planet’s second billion-strong nation, China. But by easing its Corona policy, China’s economy could also experience a rebound effect similar to that experienced by other regions of the world. In particular, services, tourism and catering, which employs a large number of young Chinese who have consequently been particularly affected by unemployment, could pick up speed according to the experiences of the rest of the world. But this event could also further fuel Europe’s energy crisis. Currently, much of the liquefied natural gas in Europe’s storage facilities comes from diverted LNG supplies that were originally intended for China, whose economy, running at only half power, had no use for it. With its awakening in the Far East, this could change abruptly and once again present the global energy supply with its next test of endurance. Overall, it is clear that global economic growth is also very unevenly distributed in the global South: Other regions with massive economic catch-up needs, such as Africa or Latin America, are only mentioned in passing. |
Global economic recovery is taking place in Asia
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