EXECUTIVE SUMMARY 3

THE GLOBAL ECONOMY IS WEAKENING 4

  A. Multiple Shocks have Hurt Growth and Raised Inflation 4

  B. Economic Scarring and Fragmentation Will Weigh on the Outlook 10

  C. Downside Risks Dominate and Imperil the Growth Outlook 12

PRIORITIZE DISINFLATION AND EQUITABLE GROWTH 14

  A. Macroeconomic Policies Must Focus on Bringing Down Inflation 14

  B. Complementary Reforms Can Support Near- and Long-Term Growth19

  C. A Robust Policy Package Would Help Tackle Global Challenges 20

HALT FRAGMENTATION AND NURTURE INTEGRATION 22

  A. It is Essential to Continue Reaping the Gains from Globalization 22

  B. Joint Action Can Support Both the Climate and Vulnerable Economies 23