weighing on the global growth outlook: (i) persistently high and broad-based inflation is necessitating a tightening of monetary policy in many major economies; (ii) the growth momentum in China remains weak amid intermittent pandemic lockdowns and the worsening property market crisis; and (iii) Russia’s invasion of Ukraine and associated sanctions have contributed to continued supply disruptions, rising food insecurity, and energy concerns—particularly in Europe amid a sharp reduction in Russian gas supply. At the same time, growing global fragmentation pressures are likely to destroy part of the gains from decades of increasing globalization. Add to this a confluence of downside risks. A worsening energy crisis in Europe would severely harm growth and raise inflation. Prolonged high inflation could require larger-than-anticipated policy interest hikes, further tightening of global financial conditions, and increasing risks of a sovereign debt crisis for vulnerable economies. Increasingly severe weather events would continue to harm growth across the globe.