The pendulum swung against globalisation in 2022 – and that’s no bad thing | Larry Elliott

Climate crisis, Ukraine invasion and China-US tensions are challenging assumption free markets are best

This was supposed to be the year when things returned to normal. After the collapse of activity during the months of lockdown in 2020 and the supply bottlenecks of 2021, the hope was that 2022 would call time on an era of seemingly permanent crisis. It hasn't quite turned out like that.

Indeed, 2022 is shaping up to be a pivotal year for the global economy, taking its place alongside the end of the Bretton Woods fixed exchange rate system in 1971, the reunification of Germany in 1990 and the near collapse of the banks in the financial crisis of 2008.