New Delhi, Oct. 20 -- The world has seen a series of crises since 2020, from a global pandemic to two major wars. Each new crisis has impacted growth, prices, trade, and geopolitics. In 2022, experts began using the term VUCA-volatility, uncertainty, complexity, ambiguity-to describe the state of the world. Four years later, not much has changed.

The global economy remains volatile and unpredictable, from continuing geopolitical crises to rising inflation and bond yields, and rapid shifts in the artificial intelligence (AI) landscape. The fast-changing conditions make it impossible to make credible medium-term predictions, with persistent VUCA-ness significantly changing the contours of world growth. The impact could be long-lasting, esp...