The global economic outlook has rapidly worsened in the second half of 2022, resulting in a significant downward revision of world gross product growth estimates for 2022 and 2023. » Persistently high inflation in both developed and developing economies is eroding real incomes. External financing conditions for developing economies have deteriorated due to the monetary tightening measures to counter inflation in developed economies. » Amid an increasingly challenging macroeconomic and financial environment, many developing economies are at risk of entering a vicious cycle of weak investment, slow growth and rising debt-servicing burdens