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Getting the Global Economy Out of the Slow Lane

The world economy has avoided recession, despite the steepest rise in global interest rates since the 1980s. But, without stronger international cooperation and policies that advance shared prosperity, growth will remain too slow to support progress on development and poverty reduction.

WASHINGTON, DC – With global growth stabilizing for the first time in three years, inflation reaching a three-year low, and financial conditions brightening, the global economy seems to be on its final approach for a “soft landing.” But this positive news cannot obscure the grim reality: more than four years after the COVID-19 pandemic began, the world – especially developing economies – has yet to embark on a promising path toward prosperity.