THE HOTTEST YEAR ON RECORD:
The hottest year on record: Global warming and the anticipated return of the El Nino make 2023 the hottest year since the data was recorded byscientists. According to Copernicus, the temperature deviation compared to pre-industrial times has reached 1.46 degrees Celsius, very close to the threshold limit set by the Paris Agreement (1.50C). The 2023 temperature record is 0.130C higher than the previous one of 2016.
RED SEA TENSIONS RAISE THE RISK OF INTERNATIONAL SHIPPING CRISIS
The recent increase in attacks by Houthi forces in Yemen on commercial vessels has prompted oil corporation BP and four of the world’s largest shipping companies, including CMA CGM, Hapag-Lloyd, Maersk and MSC, to temporary stop using the Red Sea route. This will push freight rates higher, transit times will be longer, costs will sharply go up, and inflation risks will emerge.
SLOW RECOVERY OF THE WORLD ECONOMY
Global trade continues to decline
International organizations (IMF, EU, OECD, WB) believe that world economic growth in 2023 is lower than in 2022 and this difficult trend will continue to maintain as most multinational corporations forecast that the economic growth rate in 2024 will be even lower than in 2023.
THE BIRTH OF CHATGPT – OPENAI
World 2023 witnessed a global craze for artificial intelligence (AI), with the ChatGPT tool launched by OpenAI company, opening the door to the AI booming. According to McKinsey Global’s latest survey, less than a year after its launch, more than 30% of respondents said their organization is using AI for at least one business function. Nearly 25% of surveyed directors said they were using personal AI tools for work, and 40% affirmed that they would increase investment in AI because of its benefits.
COP 28 AGREEMENT, COMMITMENT TO GETTING RID OF FOSSIL FUELS BY 2050
After 2 weeks of difficult negotiations, the draft received the consensus of nearly 200 members attending COP 28. This important agreement is expected to send a strong message to investors and policymakers that the world is now united in limiting eventually ending the use of fossil fuels – which scientists say is the last chance to avert climate disasters.
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