Revisiting Targeting In Social Assistance

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Revisiting Targeting in Social Assistance

Author : Margaret Grosh
Publisher : World Bank Publications
ISBN 13 : 1464818150
Total Pages : 397 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Revisiting Targeting in Social Assistance by : Margaret Grosh

Download or read book Revisiting Targeting in Social Assistance written by Margaret Grosh and published by World Bank Publications. This book was released on 2022-06-14 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Targeting is a commonly used, but much debated, policy tool within global social assistance practice. Revisiting Targeting in Social Assistance: A New Look at Old Dilemmas examines the well-known dilemmas in light of the growing body of experience, new implementation capacities, and the potential to bring new data and data science to bear. The book begins by considering why or whether or how narrowly or broadly to target different parts of social assistance and updates the global empirics around the outcomes and costs of targeting. It illustrates the choices that must be made in moving from an abstract vision to implementable definitions and procedures, and in deciding how the choices should be informed by values, empirics, and context. The importance of delivery systems and processes to distributional outcomes are emphasized, and many facets with room for improvement are discussed. The book also explores the choices between targeting methods and how differences in purposes and contexts shape those. The know-how with respect to the data and inference used by the different household-specific targeting methods is summarized and comprehensively updated, including a focus on “big data†? and machine learning. A primer on measurement issues is included. Key findings include the following: · Targeting selected categories, families, or individuals plays a valuable role within the framework of universal social protection. · Measuring the accuracy and cost of targeting can be done in many ways, and judicious choices require a range of metrics. · Weighing the relatively low costs of targeting against the potential gains is important. · Implementing inclusive delivery systems is critical for reducing errors of exclusion and inclusion. · Selecting and customizing the appropriate targeting method depends on purpose and context; there is no method preferred in all circumstances. · Leveraging advances in technology—ICT, big data, artificial intelligence, machine learning—can improve targeting accuracy, but they are not a panacea; better data matters more than sophistication in inference. · Targeting social protection should be a dynamic process.

Targeted Transfers in Poor Countries

Author : Martin Ravallion
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)

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Book Synopsis Targeted Transfers in Poor Countries by : Martin Ravallion

Download or read book Targeted Transfers in Poor Countries written by Martin Ravallion and published by World Bank Publications. This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two tradeoffs have been widely seen to severely constrain the scope for attacking poverty using redistributive transfers in poor countries: An equity-efficiency tradeoff and an insurance-efficiency tradeoff. Ravallion provides a critical overview of recent theoretical and empirical work that has called into question the extent of these tradeoffs in poor countries. He argues that these aggregate tradeoffs are often exaggerated. Indeed, they may not even be binding constraints in practice, given market failures. There appears to be scope for using carefully designed transfer schemes as an effective tool against both transient and chronic poverty. However, the same factors that weaken the tradeoffs also suggest that efficient redistributive policies might look rather different to the programs often found in practice. This paper - a product of the Poverty Team, Development Research Group - is part of a larger effort in the group to better understand the tradeoffs faced in development policymaking.

For Protection and Promotion

Author : Margaret Grosh
Publisher : World Bank Publications
ISBN 13 : 9780821375822
Total Pages : 612 pages
Book Rating : 4.3/5 (758 download)

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Book Synopsis For Protection and Promotion by : Margaret Grosh

Download or read book For Protection and Promotion written by Margaret Grosh and published by World Bank Publications. This book was released on 2008-08-25 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: Safety nets are noncontributory transfer programs targeted to the poor or vulnerable. They play important roles in social policy. Safety nets redistribute income, thereby immediately reducing poverty and inequality; they enable households to invest in the human capital of their children and in the livelihoods of their earners; they help households manage risk, both ex ante and ex post; and they allow governments to implement macroeconomic or sectoral reforms that support efficiency and growth. To be effective, safety nets must not only be well intended, but also well designed and well implemented. A good safety net system and its programs are tailored to country circumstances, adequate in their coverage and generosity, equitable, cost-effective, incentive compatible, and sustainable. Good safety nets are also dynamic and change over time as the economy changes or as management problems are solved and new standards are set. Drawing on a wealth of research, policy, and operational documents from both academia and the World Bank s work in over 100 countries, For Protection and Promotion provides pragmatic and informed guidance on how to design and implement safety nets, including useful information on how to define eligibility and select beneficiaries, set and pay benefits, and monitor and evaluate programs and systems. The book synthesizes the literature to date and enriches it with new examples on various program options cash transfers (conditional and unconditional), in-kind transfers, price subsidies, fee waivers, and public works. It concludes with a comprehensive diagnostic for fitting safety net systems and programs to specific circumstances.

Social Protection Program Spending and Household Welfare in Ghana

Author : The World Bank
Publisher : World Bank Publications
ISBN 13 : 1464820058
Total Pages : 139 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Social Protection Program Spending and Household Welfare in Ghana by : The World Bank

Download or read book Social Protection Program Spending and Household Welfare in Ghana written by The World Bank and published by World Bank Publications. This book was released on 2023-10-03 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Protection Program Spending and Household Welfare in Ghana

Social analysis for inclusive agrifood investments

Author : Christensen, I.
Publisher : Food & Agriculture Org.
ISBN 13 : 9251379424
Total Pages : 240 pages
Book Rating : 4.2/5 (513 download)

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Book Synopsis Social analysis for inclusive agrifood investments by : Christensen, I.

Download or read book Social analysis for inclusive agrifood investments written by Christensen, I. and published by Food & Agriculture Org.. This book was released on 2023-12-12 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than a decade has passed since the publication of the series entitled Social Analysis of Agriculture and Rural Investment Projects, which comprises three complementary manuals – the Manager’s, Practitioner’s and Field guides. During this time, conflict, climate change and economic downturns have been driving up poverty, hunger, and socioeconomic inequalities, reducing the resilience of agrifood systems. In response, the FAO Investment Centre has updated the Social Analysis guides to address the evolving and volatile rural transformation context, providing programme managers, practitioners and field workers with a set of enhanced tools for the design, implementation and evaluation of inclusive investments in agrifood systems. Today’s investments must prioritize more demand-driven, people-centred, culturally sensitive and locally owned sustainable approaches, with increased attention to reducing gender and other inequalities. Operationalizing these principles contributes to FAO’s and financing agencies’ objectives of ending poverty, improving food security and nutrition, and reducing inequalities. The goal of the updated guides is to support investments that contribute to inclusive, resilient and sustainable agrifood systems, aligned with the outcomes of the UN Food Systems Summit, the Sustainable Development Goals (SDGs), and the core principle of leaving no one behind. This publication is part of the Investment Toolkits series under the FAO Investment Centre's Knowledge for Investment (K4I) series. The contents of this publication have been turned into three e-leaning courses, which are accessible for free through the FAO E-learning Academy.

Revisiting poverty trends and the role of social protection systems in Africa during the COVID-19 pandemic

Author : Abay, Kibrom A.
Publisher : Intl Food Policy Res Inst
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4./5 ( download)

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Book Synopsis Revisiting poverty trends and the role of social protection systems in Africa during the COVID-19 pandemic by : Abay, Kibrom A.

Download or read book Revisiting poverty trends and the role of social protection systems in Africa during the COVID-19 pandemic written by Abay, Kibrom A. and published by Intl Food Policy Res Inst. This book was released on 2022-10-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantifying the impact of the COVID-19 pandemic on poverty in Africa has been as difficult as predicting the path of the pandemic, mainly due to data limitations. The advent of new data sources, including national accounts and phone survey data, provides an opportunity for a thorough reassessment of the impact of the pandemic and the subsequent expansion of social protection systems on the evolution of poverty in Africa. In this paper, we combine per capita GDP growth from national accounts with data from High-Frequency Phone Surveys for several countries to estimate the net impact of the pandemic on poverty. We find that the pandemic has increased poverty in Africa by 1.5-1.7 percentage points in 2020, relatively smaller than early estimates and projections. We also find that countries affected by Fragility, Conflict, and Violence (FCV) experienced the greatest increases in poverty, about 2.1 percentage points in 2020. Furthermore, we assess and synthesize empirical evidence on the role that social protection systems played in mitigating the adverse impact of the COVID-19 crisis in Africa. We review social protection responses in various African countries, mainly focusing on the impact of these programs and effectiveness of targeting systems. Although the evidence base on the protective role of social protection programs during the pandemic remains scarce, we highlight important findings on the impacts of these programs while also uncovering some vulnerabilities in social protection programming in Africa. We finally draw important lessons related to the delivery, targeting and impact of various social protection programs launched in Africa in response to the pandemic.

IMF Engagement on Social Safety Net Issues in Surveillance and Program Work

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis IMF Engagement on Social Safety Net Issues in Surveillance and Program Work by : International Monetary

Download or read book IMF Engagement on Social Safety Net Issues in Surveillance and Program Work written by International Monetary and published by International Monetary Fund. This book was released on 2022-10-03 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund’s engagement on social safety net (SSN) issues is likely to expand as member countries respond to growing challenges in the economic and fiscal landscape. SSNs play a crucial role in protecting households from poverty, promoting inclusive growth, and maintaining social stability. This technical note discusses (1) the different channels through which SSN spending may become macro-critical, (2) how to assess the importance of these channels, and (3) the types of policy responses that are appropriate and the trade-offs involved in choosing among them. To facilitate a more comprehensive assessment of SSN spending, the paper also examines the complementary role of labor market programs (for example, unemployment benefits and active labor market programs). The paper emphasizes the importance of early engagement and coordination with development partners with expertise on social safety nets and with different stakeholders when formulating policy advice.

Exploring Universal Basic Income

Author : Ugo Gentilini
Publisher : World Bank Publications
ISBN 13 : 1464815119
Total Pages : 307 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Exploring Universal Basic Income by : Ugo Gentilini

Download or read book Exploring Universal Basic Income written by Ugo Gentilini and published by World Bank Publications. This book was released on 2019-11-25 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Universal basic income (UBI) is emerging as one of the most hotly debated issues in development and social protection policy. But what are the features of UBI? What is it meant to achieve? How do we know, and what don’t we know, about its performance? What does it take to implement it in practice? Drawing from global evidence, literature, and survey data, this volume provides a framework to elucidate issues and trade-offs in UBI with a view to help inform choices around its appropriateness and feasibility in different contexts. Specifically, the book examines how UBI differs from or complements other social assistance programs in terms of objectives, coverage, incidence, adequacy, incentives, effects on poverty and inequality, financing, political economy, and implementation. It also reviews past and current country experiences, surveys the full range of existing policy proposals, provides original results from micro†“tax benefit simulations, and sets out a range of considerations around the analytics and practice of UBI.

Macroeconomic Developments and Prospects For Low-Income Countries—2024

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Macroeconomic Developments and Prospects For Low-Income Countries—2024 by : International Monetary Fund

Download or read book Macroeconomic Developments and Prospects For Low-Income Countries—2024 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2024-04-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.

Poverty and Shared Prosperity 2022

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 1464818940
Total Pages : 399 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Poverty and Shared Prosperity 2022 by : World Bank

Download or read book Poverty and Shared Prosperity 2022 written by World Bank and published by World Bank Publications. This book was released on 2022-12-14 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic triggered a pronounced setback in the fight against global poverty—likely the largest setback since World War II. Many low- and middle-income countries have yet to see a full recovery. High indebtedness in many countries has hindered a swift recovery, while rising food and energy prices—fueled in part by conflict and climate shocks—have made a return to progress on poverty reduction more challenging than ever. These setbacks have altered the trajectory of poverty reduction in large and lasting ways. The world is significantly off course on the goal of ending extreme poverty by 2030.The year 2020 also marked a historic turning point as decades of global income convergence gaveway to global divergence as the world’s poorest people were hardest hit. The richest people have recovered from the pandemic at a faster pace, further exacerbating differences. These diverging fortunes between the global rich and poor ushered in the first rise in global inequality in decades. Poverty and Shared Prosperity 2022: Correcting Course provides the first comprehensive analysis of the pandemic’s toll on poverty in developing countries.It identifies how governments can optimize fiscal policy to help correct course. Fiscal policies offset the impact of COVID-19 on poverty in many high-income countries, but those policies offset barely onequarter of the pandemic’s impact in low-income countries and lower-middle-income countries. Improving support to households as crises continue will require reorienting protective spending away from generally regressive and inefficient subsidies and toward a direct transfer support system—a first key priority. Reorienting fiscal spending toward supporting growth is a second key priority identified by the report. Some of the highest-value public spending often pays out decades later. Amid crises, it is difficult to protect such investments, but it is essential to do so. Finally, it is not enough just to spend wisely—when additional revenue does need to be mobilized, it must be done in a way that minimizes reductions in poor people’s incomes. The report highlights how exploring the underused forms of progressive taxation and increasing the efficiency of tax collection can help in this regard. Poverty and Shared Prosperity is a biennial series that reports on global trends in poverty and shared prosperity. Each report also explores a central challenge to poverty reduction and boosting shared prosperity, assessing what works well and what does not in different settings. By bringing together the latest evidence, this corporate flagship report provides a foundation for informed advocacy around ending extreme poverty and improving the lives of the poorest in every country in the world. For more information, please visit worldbank.org/poverty-and-shared-prosperity.

World Development Report 2023

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 1464819424
Total Pages : 522 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis World Development Report 2023 by : World Bank

Download or read book World Development Report 2023 written by World Bank and published by World Bank Publications. This book was released on 2023-06-26 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: Migration is a development challenge. About 184 million people--2.3 percent of the world's population--live outside of their country of nationality. Almost half of them are in low- and middle-income countries. But what lies ahead? As the world struggles to cope with global economic imbalances, diverging demographic trends, and climate change, migration will become a necessity in the decades to come for countries at all levels of income. If managed well, migration can be a force for prosperity and can help achieve the United Nations' Sustainable Development Goals. 'World Development Report 2023' proposes an innovative approach to maximize the development impacts of cross-border movements on both destination and origin countries and on migrants and refugees themselves. The framework it offers, drawn from labor economics and international law, rests on a 'Match and Motive Matrix' that focuses on two factors: how closely migrants' skills and attributes match the needs of destination countries and what motives underlie their movements. This approach enables policy makers to distinguish between different types of movements and to design migration policies for each. International cooperation will be critical to the effective management of migration.

Quality Early Learning

Author : Magdalena Bendini
Publisher : World Bank Publications
ISBN 13 : 1464817960
Total Pages : 276 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Quality Early Learning by : Magdalena Bendini

Download or read book Quality Early Learning written by Magdalena Bendini and published by World Bank Publications. This book was released on 2022-05-11 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, leading researchers and implementation experts from an array of disciplines provide evidence-based, cost-effective, and actionable strategies for delivering quality early childhood education (ECE) at scale in low- and middle-income countries (LMICS).Over the past decade, neuroscientists, developmental and cognitive psychologists, economists, and education researchers have amassed evidence to inform ECE program design. Yet much of this evidence has not been readily accessible to policymakers and practitioners, and potential synergies from cross-disciplinary considerations have not been realized.Quality Early Learning: Nurturing Children’s Potential synthesizes the evidence across disciplines and charts a forward course for quality ECE. The volume includes Overview, From Evidence to Effective Policies: How to Invest in Early Childhood Education to Nurture Children’s Potential, by Magdalena Bendini, Amanda E. Devercelli, Elaine Ding, Melissa Kelly, and Adelle Pushparatnam Chapter 1, Learning in the Early Years, by Elizabeth Spelke and Kristin Shutts Chapter 2, Pedagogy and Curricula Content: Building Foundational Skills and Knowledge, by David Whitebread and Yasmin Sitabkhan Chapter 3, Building an Effective Early Childhood Education Workforce, by Nirmala Rao, Emma Pearson, Benjamin Piper, and Carrie Lau Chapter 4, Creating Early Childhood Education Environments That Promote Early Learning, by Cynthia Adlerstein and Alejandra Cortázar Chapter 5, The Role of Management, Leadership, and Monitoring in Producing Quality Learning Outcomes in Early Childhood Education, by Iram Siraj, Violeta Arancibia, and Juan Barón Chapter 6, Toward Quality Early Learning: Systems for Success, by Sharon Lynn Kagan and Caitlin M. Dermody In the volume, the authors provide the latest evidence on how young children learn most effectively and how ECE programs can foster children’s natural ability and motivation to learn. It offers guidance for policy makers on policy design and implementation including what elements of ECE to prioritize in resource- and capacity-constrained settings in LMICs.

World Bank East Asia and Pacific Economic Update, October 2022

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 1464819211
Total Pages : 112 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis World Bank East Asia and Pacific Economic Update, October 2022 by : World Bank

Download or read book World Bank East Asia and Pacific Economic Update, October 2022 written by World Bank and published by World Bank Publications. This book was released on 2022-09-30 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asia and the Pacific does not so far conform to the current narrative of stagflation. The region, with some exceptions, is growing faster and has lower inflation than other regions. And prospects for several countries have improved, as they bounced back from the distress of the Delta wave in a still buoyant global economy. But this rosy picture must not obscure four impediments to inclusive and sustainable growth: disease, deceleration, debt, and distortions. In particular, current policies to contain inflation and debt are distorting the markets for food, fuel and finance in ways that could compromise development goals. In each case, more efficient measures could address current difficulties without undermining longer term objectives.

Adaptive Social Protection

Author : Thomas Bowen
Publisher : World Bank Publications
ISBN 13 : 1464815755
Total Pages : 155 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Adaptive Social Protection by : Thomas Bowen

Download or read book Adaptive Social Protection written by Thomas Bowen and published by World Bank Publications. This book was released on 2020-06-12 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adaptive social protection (ASP) helps to build the resilience of poor and vulnerable households to the impacts of large, covariate shocks, such as natural disasters, economic crises, pandemics, conflict, and forced displacement. Through the provision of transfers and services directly to these households, ASP supports their capacity to prepare for, cope with, and adapt to the shocks they face—before, during, and after these shocks occur. Over the long term, by supporting these three capacities, ASP can provide a pathway to a more resilient state for households that may otherwise lack the resources to move out of chronically vulnerable situations. Adaptive Social Protection: Building Resilience to Shocks outlines an organizing framework for the design and implementation of ASP, providing insights into the ways in which social protection systems can be made more capable of building household resilience. By way of its four building blocks—programs, information, finance, and institutional arrangements and partnerships—the framework highlights both the elements of existing social protection systems that are the cornerstones for building household resilience, as well as the additional investments that are central to enhancing their ability to generate these outcomes. In this report, the ASP framework and its building blocks have been elaborated primarily in relation to natural disasters and associated climate change. Nevertheless, many of the priorities identified within each building block are also pertinent to the design and implementation of ASP across other types of shocks, providing a foundation for a structured approach to the advancement of this rapidly evolving and complex agenda.

Economic Policy Reforms 2023 Going for Growth

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264583726
Total Pages : 196 pages
Book Rating : 4.2/5 (645 download)

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Book Synopsis Economic Policy Reforms 2023 Going for Growth by : OECD

Download or read book Economic Policy Reforms 2023 Going for Growth written by OECD and published by OECD Publishing. This book was released on 2023-10-03 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: For this edition, Going for Growth advises on country-specific structural policy priorities to strengthen growth fundamentals and pave the way for successful green and digital transitions. Four key policy areas are identified: enhancing the design of social support programs; lifting potential growth by removing obstacles to effective resource utilisation; securing faster progress towards decarbonization; making the digital transformation a driver of productivity growth.

Conditional Cash Transfers

Author : Ariel Fiszbein
Publisher : World Bank Publications
ISBN 13 : 9780821373538
Total Pages : 346 pages
Book Rating : 4.3/5 (735 download)

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Book Synopsis Conditional Cash Transfers by : Ariel Fiszbein

Download or read book Conditional Cash Transfers written by Ariel Fiszbein and published by World Bank Publications. This book was released on 2009-02-09 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conditional Cash Transfer (CCT) programs aim to reduce poverty by making welfare programs conditional upon the receivers' actions. That is, the government only transfers the money to persons who meet certain criteria. These criteria may include enrolling children into public schools, getting regular check-ups at the doctor's office, receiving vaccinations, or the like. They have been hailed as a way of reducing inequality and helping households break out of a vicious cycle whereby poverty is transmitted from one generation to another. Do these and other claims make sense? Are they supported by the available empirical evidence? This volume seeks to answer these and other related questions. Specifically, it lays out a conceptual framework for thinking about the economic rationale for CCTs; it reviews the very rich evidence that has accumulated on CCTs; it discusses how the conceptual framework and the evidence on impacts should inform the design of CCT programs in practice; and it discusses how CCTs fit in the context of broader social policies. The authors show that there is considerable evidence that CCTs have improved the lives of poor people and argue that conditional cash transfers have been an effective way of redistributing income to the poor. They also recognize that even the best-designed and managed CCT cannot fulfill all of the needs of a comprehensive social protection system. They therefore need to be complemented with other interventions, such as workfare or employment programs, and social pensions.

Global Economic Prospects, June 2022

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 1464818444
Total Pages : 299 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Economic Prospects, June 2022 by : World Bank

Download or read book Global Economic Prospects, June 2022 written by World Bank and published by World Bank Publications. This book was released on 2022-08-12 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, Russia's invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The war has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to the vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years.