After a period of war, inflation, climate change and political instability, Collins Dictionary has named "permacrisis" as its word of the year.
Defined as "an extended period of instability and insecurity", the word is one of the several terms on the 2022 list that has become increasingly used because of the crises in the UK and around the world.
The word as it "sums up quite succinctly just how truly awful 2022 has been for so many people", said Collins.
Six words on Collins' list of 10 words of the year are new to CollinsDictionary.com, including "permacrisis", despite being first noted in academic contexts from the 1970s.
Another word on the list, which has contributed to the feeling of "permacrisis", is "partygate", referring to the scandal over social gatherings held in Downing Street during strict Covid restrictions.
"Kyiv" has also been added after the city became a symbol of Ukraine's stand against Russian aggression as well as "warm bank", which describes a heated building such as a library or place of worship where people who cannot afford to heat their own homes may go.
The personal effect of the crises has also influenced the list with the addition of "quiet quitting" — the act of doing one's basic duties at work and no more, by way of protest or to improve work-life balance.
Then there is "vibe shift", which relates to a "significant change in the prevailing atmosphere or culture".
The historic moment of the queen's death in September has also been marked, as "Carolean" is added to the lexicon, signifying the end of the second Elizabethan era and the start of the reign of King Charles.
"Lawfare", which is the strategic use of law to intimidate or hinder an opponent, is also included, as is the more unusual term "splooting", relating to animals stretching themselves out in order to cool down — a phenomenon seen frequently during this summer's intense heat.
Rounding off the list is "sportswashing", a word for how organisations or countries use sports promotion to enhance reputations or distract from controversial activities or policies.
"Language can be a mirror to what is going on in society and the wider world and this year has thrown up challenge after challenge," said Alex Beecroft, managing director of Collins Learning.
"It is understandable that people may feel, after living through upheaval caused by Brexit, the pandemic, severe weather, the war in Ukraine, political instability, the energy squeeze and the cost-of-living crisis, that we are living in an ongoing state of uncertainty and worry.
"Permacrisis" sums up quite succinctly just how truly awful 2022 has been for many people.
"Our list this year reflects the state of the world right now — not much good news, although, with the determination of the Ukrainian people reflected by the inclusion of 'Kyiv', and the dawn of the new 'Carolean' age in the UK, there are rays of hope."
The lexicographers at Collins Dictionary monitor their 18 billion-word database and a range of media sources, including social media, to create the annual list of new and notable words that reflect our ever-evolving language and the preoccupations of those who use it.
Last year's word of the year was "NFT", short for non-fungible token, which entered the mainstream after millions were spent on the most sought-after digital images and videos.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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