Economy Forecast
Introduction
The economy started 2022 on a tentative note, laboring under the impact of the Omicron variant of COVID-19—which was more contagious but less damaging than prior variants, and feeling the pressure of rising consumer prices. On the upside, the weight of the COVID-19 pandemic started lifting as the year wore on, a combination of growing immunity from both vaccines and recoveries. The improvements in health outcomes were reflected in widespread lifting of travel restrictions both domestically, as well as across the globe. These moves offered a tremendous boost to consumer spending on travel, lifting the sectors of the economy which were most impacted over the past two years.
Unfortunately, the year also saw Russia’s invasion of Ukraine, accompanied by a devastating war, which has taken a significant toll on human lives, resources and infrastructure. The war also disrupted global commerce and supply…
