The global recovery is set to decelerate amid diminished policy support, continued COVID-19 flare-ups, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies will remain markedly below pre-pandemic trends in the near-term. The outlook is clouded by various downside risks, including new COVID-19 outbreaks, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels. These challenges underscore the importance of national policy responses and strengthened global cooperation to promote a green, resilient, and inclusive recovery path.