Goal 8: Decent Work and Economic Growth

The lingering war in Ukraine has been weighing on global economic activity since early 2022, undermining post-pandemic recovery. The initial impact of the conflict on energy and commodity prices appears to have waned, although some risks on the supply side may re-emerge, and challenges to Europe’s energy security remain.

As the world falls further behind from its goal of ending hunger (SDG 2), countries must act to protect open and stable global food trading systems and urgently provide targeted humanitarian action to save lives and livelihoods.

A stronger U.S. dollar will likely exacerbate inflationary pressures, worsen fiscal and external balances and hinder recovery in developing countries, undermining their prospects for achieving the Sustainable Development Goals.

Introducing CBDCs for widespread use may have positive effects for the economy but also present new challenges, as its impact on financial intermediation and fiscal and monetary policy operations are not yet fully understood.

The global macroeconomic outlook continues to change amid growing uncertainties, pronounced monetary policy tightening and roiling financial markets.

The war in Ukraine will significantly impact global efforts to deal with the climate emergency by driving up energy prices and placing energy security at the heart of policy making in many countries.

Global growth prospects have weakened significantly amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks.

Inflation is rising in many developing countries, driven by higher energy and food prices, supply chain disruptions and, in some cases, release of pent-up demand. Many central banks have responded with significant interest rate hikes.

The Ukraine war may lead to global, regional and national crises on multiple fronts: a refugee crisis; energy, metals and food price shocks; disruptions in global trade; and distress in financial markets.