2922 certainly did not fare well in the diaries of optimistic market commentators and forecasters, including those who thought inflation and the market crisis would be short-lived.

Inflation was not only stubborn, it made it the federal reserve looks like it’s late for the party. Stock markets bore the brunt of subsequent action by central banks in their race to keep pace. Nothing was spared – neither stocks nor bonds.

That SPDR S&P 500 ETF Trust SPY lost over 20% since the beginning of the year while the Vanguard Total Bond Market Index Fund ETF BND lost over 13%.

Some people thought Vladimir Putin’s war with Ukraine and his tantrums in response to Western sanctions would keep the oil afloat. That, too, fizzled out later in the year as demand concerns from China came to the fore.

As the world gears up for 2023, here’s a look at the warnings from three prominent economists known for their tough and often contrarian stance.

Nuriel Roubini: Prominent economist in mid-December Nuriel Roubiniknown as “Dr Doom” for his accurate prediction of the 2008 financial crisis, he openly expressed his skepticism about the “conventional wisdom” of Wall Street and policymakers, declaring it to be “systemically wrong.”

“First, they said inflation will be temporary. . . Then there was a debate about whether rising inflation was due to bad policies or bad luck,” he said. Roubini said he disagreed with the consensus and said the recession will be deep.

“No, this isn’t going to be a short and shallow recession, it’s going to be deep and protracted,” he said said in an interview with the Financial Times.

Larry Sommer: Former Minister of Finance Lawrence H Sommer, warned in early December that there is still a long way to go to get inflation to where the Federal Reserve wants it.

He also stressed that achieving a soft landing could be a lot harder than thought. “My feeling is that it’s a lot harder than a lot of people …