The outlook for 2023 for commodities, in general, is a fairly uncertain one heading into 2023. The world is still recovering from disruptions caused by the pandemic, although these are now easing. However, there are other risk factors building, such as slowing economic growth with the risk of recessions high in several major economies. Structural shifts that began pre-COVID could now also be resumed, although this will depend heavily on the supply of several key commodities that were disrupted by the Russian war in Ukraine.
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