Demand is the quantity of certain goods and services that are requested (purchased) at various possible price levels and within a certain period. Meanwhile, supply refers to goods or services that are offered (sold) at a certain quantity and price level and under specific conditions.
Sustainable economic growth emphasizes the balance of the 3P principles—Profit (economic gains), People (society), and Planet (environment)—ensuring a ‘win-win solution’ between economic progress and environmental preservation.
Macroeconomic indicators, including trade balance, inflation, and growth rates, are vital for understanding a country’s economic direction and navigating global challenges.
There have been a significant reduction in the consensus of 2022 and 2023 global growth forecasts. According to World Bank, the invasion of Ukraine by Russia along with continuous supply disruptions caused partly by the pandemic, and various tightening of macroeconomic policies to reduce inflation and reverse the pervasive measures taken during that time, are few of the most significant factors that contribute to this phenomenon.
