All the world's a stage and we got to play unexpected parts in 2023

It's time to look back and smile as the curtains drop on yet another year in which reality refused to abide by anybody's script

- MADAN SABNAVIS

With 2023 coming to an end, it is time to rewind and reminisce, and probably smile, about what has gone by. The year did not quite turn out to be as sordid as expected, and there is a sense of satisfaction instead. Let us review the top 10 developments that stood out or moved us emotionally during this period.

First, the global clan of economists shone through the year for being off the mark, much like the weather department. One can remember doomsday being predicted in January. But revisions were made through the year and the much anticipated hard-landing turned into a soft-landing as the world economy looked stronger than expected. To quote Tom Stoppard, we give advice by the bucket, but take it by the grain.

Second, the name Silicon Valley Bank (SVB) was not really known in India until it collapsed in the US and along went others like Signature Bank and Silvergate Bank. In rudimentary terms, over- investment in safe US Treasury bonds did it, as the US Federal Reserve raised rates and the value of their holdings collapsed. In less than 72 hours, we had a plethora of experts talking with authority about SVB, and several seminars and webinars waxed eloquent on how India was different. A revelation was that the US does not have mandatory deposit insurance. Never mind that we just emerged from the NBFC crisis a few years back. Life’s little ironies is what Thomas Hardy may have said.