"2023: The Year Economic Predictions Flipped, Defying Recession and Inflation Fears"
The year 2023 was marked by significant economic events including persistent inflation, bank failures like Silicon Valley Bank, and a wave of labor strikes. Despite early recession fears, the S&P 500 approached record highs. Central banks worldwide raised interest rates to combat inflation, which cooled but remained above targets. Geopolitical tensions, particularly from the Russia-Ukraine war, reshaped global trade, with India and China benefiting. U.S.-China economic ties proved hard to untangle, especially in the semiconductor industry. Meanwhile, AI investment surged, highlighted by Microsoft's $10 billion in OpenAI, despite legal challenges. The stock market ended the year on a high note, with the future remaining uncertain.
- From A.I. to inflation, 11 business charts that explain 2023 The New York Times
- The worst of inflation could be behind us. A recession may not be CNN
- Opinion | The U.S. had an economic miracle in 2023. Here’s why The Washington Post
- How the economy upended expectations of a recession in 2023 PBS NewsHour
- The Year in Review: 2023's Most Notable Findings Gallup
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