Most of the global economy is more likely than not headed toward a recession in 2023. But don't only blame it on inflation and Russia's war in Ukraine.
The economic slowdown face this year "is an acceleration of already structural problems around growth, that really started before the pandemic," renowned economist Dambisa Moyo tells Ian Bremmer on GZERO World.
Among the G-20 economies, the only country that has been serious about industrial and strategic policies to address those problems is China. That's why, she says, many Western nations were so shocked by the economic fallout of COVID.
For Moyo, for instance the US didn't have an off-the-shelf plan to respond to the pandemic. Still, she sees an opportunity for a reset in Western capitalism.