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LATEST NEWS UPDATES | Number Theory: Four key questions that will matter for the economy in 2023 -Pavitra Kanagaraj and Abhishek Jha

Number Theory: Four key questions that will matter for the economy in 2023 -Pavitra Kanagaraj and Abhishek Jha

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published Published on Jan 4, 2023   modified Modified on Jan 4, 2023

-Hindustan Times

As the New Year begins amid renewed hope, what will 2023 hold for the economy — both Indian and global?

As the New Year begins amid renewed hope, what will 2023 hold for the economy — both Indian and global? Here are four questions whose answers hold the key.

Will the war in Europe end?

Russia’s invasion of Ukraine in February 2022, the sweeping western sanctions against Moscow, and the supply chain disruptions that followed, set off a surge in the prices of key commodities — from oil to wheat. This caused problems not just for poor countries but also advanced economies in Europe that are critically dependent on Russian energy supplies.

Data from the Petroleum Planning and Analysis Cell (PPAC) shows that the international price of crude oil (Indian basket) rose to $113 per barrel in March 2022 from $94 in February 2022. It peaked at $116 in June 2022 before retreating to $78 per barrel in December.

While oil prices have come down a bit, the International Energy Agency (IEA) cautions that the complete picture on the impact of the western embargoes on Russian crude and product supplies will emerge through 2023. Unless there is a resolution to the conflict, the world will not be out of the woods as far as inflation is concerned.

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Hindustan Times, 4 January, 2023, https://www.hindustantimes.com/india-news/four-key-questions-that-will-matter-for-the-economy-in-2023-101672769078634.html


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