The year in numbers

Argentina

World Cup 2022 champion Dec 18 Argentina ends a 36-year World Cup drought to lift football’s most prized trophy under the leadership of star striker Lionel Messi. The winning team receives a record US$42 million in prize money.

Australia

Anthony Albanese sworn in May 23 Anthony Albanese becomes Australia’s 31st prime minister and promptly pursues a green agenda that enshrines into law an emissions reduction target of 43 per cent from 2005 levels by 2030, and net-zero emissions by 2050.

Bahamas

FTX crash Nov - Dec Major cryptocurrency exchange FTX files for bankruptcy protection amid revelations of potentially improper use of funds. Founder Sam Bankman-Fried is arrested after the US files fraud charges. The exchange reportedly owes its top 50 creditors almost US$3.1 billion, with balances of negative US$8 billion.

Brazil

A fresh start Oct - Dec Luiz Inacio Lula da Silva beats out incumbent right-winger Jair Bolsonaro by the slimmest margin in the country’s history to become Brazil’s next president. His first move since taking office is to get the Brazilian congress to approve an additional 168 billion reais (S$43.6 billion) in spending for social welfare programmes, among others.

China

Xi makes history; Covid reopening Oct - current President Xi Jinping secures a historic third term, making him the longest-serving leader of the country since Mao Zedong. Late into the year, the country begins to ease its strict zero-Covid policy after an outbreak of protests. Despite the Covid-19 disruptions and rising trade tensions with the US, the World Bank projects 2022 real gross domestic product growth of 2.7 per cent.

Egypt

Climate talks November Cop27, the annual UN climate summit, concludes in Sharm El-Sheikh with a landmark “loss and damage” fund to support the climate transition of poor countries. Representatives from 24 countries will work on details.

France

One more term Apr - Jun Emmanuel Macron wins re-election for a second term as president after a close fight with right-winger Marine Le Pen. He is the first president to win re-election in 20 years.

Indonesia

Palm oil export ban Apr - May Indonesia suspends exports of palm oil and derivatives for less than four weeks beginning late April, sparking protests from farmers as trade association Apkasindo estimates that at least 25 per cent of mills stopped purchasing the fruit from farmers during the ban.

Malaysia

Malaysian chicken export ban June Malaysia bans exports of commercial broiler chickens from Jun 1. In Singapore, the price of chilled whole chicken rises to S$8.50 per kg in July, up by 34 per cent or more than S$1 per kg year on year. GE2022 November Anwar Ibrahim becomes Malaysia’s 10th prime minister following a general election, leading a unity government after his Pakatan Harapan party wins 82, or 37 per cent, of the 222 parliamentary seats.

SEE ALSO

This year was the beginning of a green transition

After a shaky 2022, the pound is in for another tough year

India and China – a 2023 tale of two markets

What 2022 meant for the world

More

Pakistan

Fatal floods Jun - Oct Historic floods during the monsoon season killed more than 1,700 people, and the World Bank has estimated at least US$40 billion in damages.

Qatar

Football fever Nov - Dec Qatar hosts the 2022 Fifa World Cup, with unofficial estimates placing the costs at about US$220 billion for the major sporting event.

Singapore

Singapore reopens April Singapore lifts most of its Covid-19 restrictions in its most significant reopening since the pandemic began in 2020. In the first half of 2022, tourism receipts more than quadruple to S$5.9 billion.

Sri Lanka

Economic debt, default May 2021 - current Sri Lanka defaults on US$78 million of debt for the first time in its history. The nation declares a state of emergency when then president Gotabaya Rajapaksa quits after fleeing to Singapore in July.

Thailand

Tax breaks December The cabinet passes wide-ranging tax measures to boost consumption and economic growth for 2023. These include a 40,000 baht (S$1,555.28) tax deduction for goods purchased from Jan 1, 2023.

Ukraine

Russia-Ukraine war February Russia invades Ukraine on Feb 24, triggering unprecedented retaliatory sanctions from the West. The war has caused more than US$97 billion in direct damages to Ukraine through Jun 1, according to official estimates.

United Kingdom

Bye bye Boris Jul - Dec Liz Truss becomes prime minister after Boris Johnson steps down, sparks a collapse in the pound after proposing a controversial set of unfunded tax cuts, and resigns after just six weeks to make way for her one-time rival Rishi Sunak, who quickly reverses Truss’ plans.

United States

Rate hikes Mar – Dec The Federal Reserve raises interest rates seven times, hiking its policy rate by 400 to 450 basis points from March to December to between 4.25 and 4.5 per cent. These are the highest rates since 2007.