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After a second consecutive year in which the word “unprecedented” did more than its fair share of narrative heavy lifting, economists are looking ahead to 2022 with a sense of wariness: Sharply escalating prices and the uncertain severity of the omicron variant of the coronavirus cast twin shadows over forecasters’ expectations, but some still found reason for optimism in the face of such unknowns.

“2022 is what I’m going to call a transition towards normalcy,” said Eric Diton, the president and managing director of The Wealth Alliance, an investment advisory firm. “It means the global economy is going to continue to grow but not nearly at the rates that we saw in 2021. It means that inflation will still be stubborn — but going into the latter part of 2022, I think we’re going to solve a lot of those supply chain and employment issues,” he said.