The last two years have been defined by the awkward economic recovery from the chaotic pandemic mess, the resultant rocket inflation and record interest rate rises by central banks to slow demand and slowing economies. We may never know whether the inflation peak and now disinflationary run has simply been a function of a longer term successful covid world to new-normal world transition or whether the sharply higher interest rate settings really did the work of slowing demand. When we look at the resilient global consumption to date and still stimulatory fiscal spending by governments, history may well judge that the supply side merely worked itself out. As we look out on the new year, we can look at the risks / challenges and opportunities/positives for the world and its economies