Mohamed A El-Erian, president of Queens’ College, University of Cambridge, is professor at the Wharton School, University of Pennsylvania

The start of 2022 has been marked by a deepening sense of unease. That's not just within governments, as they confront challenges relating to health, the economy, geopolitics, and, in some cases, national and financial security. Households and a wide range of companies are feeling it, too. All have been pushed out of, or kept away from, “normality” much longer than expected.