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Why it seems everything we knew about the global economy is no longer true

New York Times
12 mins to read

While the world’s eyes were on the pandemic, China and the war in Ukraine, the paths to prosperity and shared interests have grown murkier.

When the world’s business and political leaders gathered in 2018 at the annual economic forum in Davos, Switzerland, the mood was jubilant. Growth in every major country was on an upswing.

The global economy, declared Christine Lagarde, then the managing director of the International Monetary Fund, “is in a very sweet spot.”

Five years later, the

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