Table of Contents

Executive summary 3

• 1.Introduction 4

• 2.Poverty implications of weaker global growth 5

2.1 Global extreme poverty 6

2.2 Poverty under LMIC and UMIC standards 6

• 3.Regional transmission channels and policy responses 7

3.1. South Asia: Remittances as a shock absorber 7

3.2. Africa: Preventing a fertiliser shock from becoming a harvest shock 9

3.3. Asia: Subsidies, energy security and a fiscal trade-off 11

• 4.Fiscal implications and the limits of national responses 13

4.1. Transmission channels: Debt vulnerable countries especially at risk 13

4.2. The continued erosion of development spending 14

4.3. Policy responses 16