Reasons for economies slowing down, according to El-Erian

China. Mishandling of exit from ZeroCovid, vaccination policy. And reorienting growth model (currently based on ever-closer globalization). China will be a drag.

Europe. Dealing with energy supply disruptions. Inventory management has been improved. Structural headwinds. Growth will be slow.

US. "Cleanest dirty shirt." Structurally it can grow, but could fall into recession if Fed pushes US to it. There was no common solution, unlike 2009. Regional problems means insularity.