The past year has been a difficult one for the global economy, even as some of the worst fears over recession were avoided. Slow stagnation in many economies contrasted starkly with rapid innovation in fintech, and a few signs of rising exuberance in financial markets.

The International Monetary Fund set the tone, revising down the growth outlook for almost every economy in April, before cutting its forecasts again in October. Chief economist Gita Gopinath warned the world was entering a