2022 in Review: A Year of Uncertainty
Play • 20 min

The past twelve months have been turbulent for the global economy. Conflict, inflation, food supply crises and the long tail of the Covid-19 pandemic have caused shockwaves across the world. In this episode of The Development Podcast we speak to World Bank Group chief economist Indermit Gill, and take stock of the last twelve months, while looking ahead to 2023. Indermit explains why forecasts at the start of the year were wrong, and why he remains optimistic for the coming year. We also reflect on one of the biggest stories of 2022, food prices. We get an update from Egyptian baker and restaurant owner Dareen Akkad. Listen now!

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Featured Voices

  • Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics: "I think that the last two years will become a case study of how the world forgot Economics 101, and I think it was because of fear, it was because of the disease, it was because of the war, but it was also because of impatience, and I'm hoping that 2023 will not be part of this case study."
  • Dareen Akkad, Egyptian baker and restaurant owner : "The businesses that survive are those that are able to change and adapt. We've already made plans to create food that is completely locally sourced."


[00:00] Welcome and introduction of the topic

[01:23] Putting 2022 in context

[02:31] What were we expecting 2022 to look like in January?

[03:47] The economic impact of Russia's invasion of Ukraine

[05:02] Are we looking at a recession next year that's getting worse?

[06:47] Policy steps being taken

[09:28] Monetary tightening, raising interest rates, subsidies, inflation

[16:07] Stories of people's lives

[17:30] Inflation and food security: Visions from a pizza baker in Cairo

[19:42] Closing and thanks for tuning in!


This international development podcast brings together the data, research—and solutions—that can pave the way to a sustainable future. Through conversations focused on revealing the latest data, the best research, and cutting-edge solutions, let us introduce you to the folks working to make the world a better place. Listen and subscribe for free on your favorite platform. And rate our show! ;)

Tell us what you think of our podcast here >>>. We would love to hear from you! 


The World Bank is one of the world’s largest sources of funding and knowledge for low-income countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.

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