> The year behind us also marked the end of low inflation as a side effect of globalization. A strategy of “quantitative easing” and massive liquidity lasting almost an entire decade, compounded by the disruptions caused by COVID, the costs and limitations of the implementation of climate policies and the global energy crisis, has led to globally rising inflation. Central banks around the world reacted by tightening monetary policy, ending the era of low or even negative interest rates. Monetary tightening and other factors, according to most world analysts, had a negative impact on GDP growth worldwide in 2022, with similar expectations for 2023. Most economies are projected to bottom out by mid-2023 and begin a weak, unstable recovery. In order to respond to the current politically generated challenges, a significant growth in support measures and an increase in public spending is evident, with a budget deficit of 4% or more in 2022 in developed economies. That suggests that budget deficits will remain high, and with borrowing costs elevated, governments are likely to tighten fiscal policy to finance increased spending. Therefore, low economic growth is expected to continue in early 2023. The long-term potential of economic growth depends on production factors – labor, capital and technological innovations. The importance of technology is emphasized by the global shortage of skilled labor and the need for more efficient use of resources. Productivity growth has slowed significantly in recent decades, especially in developed markets, with a corresponding negative impact on growth. A transformed geopolitical environment may lead to lower cooperation in technological innovation, reduced movement of human talent, and further slowed productivity growth, resulting in lower overall potential economic growth in the near future.