It would be wonderful if things turn in a positive direction at some point during the next 12 months and 2023 turns out to be a year of peace and prosperity for the entire world.  Of course virtually nobody is expecting the year to start well.  As I discussed yesterday, there is a growing consensus among the "experts" that the months ahead will be quite rough.  But even though it has become exceedingly obvious that short-term economic conditions will not be good, some optimists are still trying to put a positive spin on things.  For example, Moody's Analytics chief economist Mark Zandi is trying to convince us that we will only have to endure a "slowcession" before things finally turn around…

Many CEOs, investors and consumers are worried about a recession in 2023. But Moody's Analytics says the more likely scenario is a "slowcession," where growth grinds to a near halt but a full economic downturn is narrowly avoided.

"Under almost any scenario, the economy is set to have a difficult 2023," Moody's Analytics chief economist Mark Zandi wrote in a report on Tuesday. "But inflation is quickly moderating, and the economy's fundamentals are sound. With a bit of luck and some reasonably deft policymaking by the Fed, the economy should avoid an outright downturn."

Let's hope that he is right on target.

And if he does turn out to be correct, let's hold a big celebration next December celebrating what a wonderful year 2023 was.

I would be up for that.