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Review of major global financial events in 2023

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Review of major global financial events in 2023

2023: A Year of Major Financial Events

As the year 2023 comes to a close, it is important to reflect on the significant changes that have taken place in the global financial landscape. From the rise of AI technology to the unprecedented debt default crisis in the United States, the year has been marked by a series of major events that have had a profound impact on the world economy.

One of the standout events of the year was the explosive growth of AI technology, with the chatbot ChatGPT leading the way. Launched in November of the previous year, ChatGPT quickly gained popularity and set off a wave of AI developments in both domestic and foreign technology companies. The rapid advancements in AI have led to a significant impact on the global economy.

Another major event was the Federal Reserve raising interest rates by a total of 100 basis points throughout the year, exceeding expectations and reaching a new high in more than 20 years. This had significant implications for the global market, with expectations of a rate cut cycle in the coming year.

The year also saw significant disruptions in the banking industry, with the bankruptcy of Silicon Valley Bank triggering turmoil in both the U.S. and global banking sectors. Additionally, the United States faced an unprecedented debt default crisis, leading to downgrades in the country’s credit rating and causing a crisis of confidence among international investors.

In the pharmaceutical industry, weight loss drugs, particularly the “magic drug” semaglutide, gained traction, with global companies accelerating their deployment in this field. This led to significant market shifts, with the share price of Novo Nordisk surpassing that of luxury goods giant LVMH.

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On the geopolitical front, a new round of conflict between Palestine and Israel had a major impact on global politics and the economy. The conflict, which showed no signs of stopping, has continued to affect the global landscape.

Finally, international gold prices hit record highs, with the market experiencing strong and volatile trends. This was accompanied by a significant increase in gold purchases by central banks around the world.

As we conclude the year, it’s evident that 2023 has been a year of significant changes and challenges in the global financial arena. These events have not only shaped the year, but also set the stage for what lies ahead in the coming year.

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