If any questions remained as to how interconnected the global economy has become, 2022 provided clear answers. By the end of the year, few economies were spared from the effects of escalations in everything from inflation to global supply chain meltdowns to heightened geopolitical tensions, all amid a worsening climate crisis that has contributed to unprecedented environmental events, from droughts to floods to heat waves. None of this looks likely to disappear entirely in 2023.
The impact on the global economy is already evident: the strong GDP growth of 6.1 percent recorded in 2021 will likely slip below 3 percent in 2022 and to approximately 2.5 percent in 2023. The uncertainty around these outcomes remains very high, reflecting the ongoing volatility of the global economy.
In the year ahead, business planning across the fashion industry must reflect this new state of fragility. In this environment, scenario and contingency…
