The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let’s have a look at some of these significant events.
Russia Invades Ukraine
In February 2022, Russia attacked Ukraine’s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky’s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.
UK’s political crisis
After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
In the days that followed, Rishi Sunak took over as Britain’s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.
Sri Lanka economic crisis
In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka’s doctors said they were nearly out of life-saving medicines.
Rajapaksa’s government was being blamed for the chronic mismanagement of the country’s finances. In July, protestors stormed Rajapaksa’s home, pushing him to flee the nation before resigning from office.
The global economy at crossroads
In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia’s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.
A landmark deal UN Climate Change Conference (COP27)
In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.
Chinese President Xi Jinping starts record third term in power
In October, Chinese President Xi Jinping was handed a historic third term in office.
He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
This came as China’s economy was running out of steam after decades of high growth. Many expect Xi’s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.
Queen Elizabeth II dies
In September, Queen Elizabeth II, Britain’s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.
In October, Brazil’s former president, Luiz Inácio Lula da Silva beat Jair Bolsonaro in the country’s closest presidential race in history. Silva’s win marked Latin America’s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.
In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner’s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk’s takeover may turn the social media giant into a hotbed of hate speech.