Global output decreased in the second quarter of this year because of downturns in china and russia as well as lower consumer expenditure in the us. a world economy already weakened by the pandemic has been hit by a number of shocks, including higher-than-expected inflation globally especially in the united states and major european economies, which has led to tighter financial conditions; a worse-than-anticipated slowdown in china, reflecting covid-19 outbreaks and lockdowns; and additional negative spillovers from the conflict in ukraine. growth in the united states, china and europe has been revised down. inflation is forecast to reach 9.5 percent in emerging market and developing economies this year. in 2023, disinflationary monetary policy is expected to bite, with global output growing by just 2.9 percent. the risks to the outlook are overwhelmingly tilted to the downside. a plausible alternative scenario in which risks materialize, and global growth declines to about 2.6 percent and 2.0 percent in 2022 and 2023, respectively, would put growth in the bottom 10 percent of outcomes since 1970. tackling inflation should be the first priority for policymakers, writes former imf chief christine lagarde. targeted fiscal support can help cushion the impact on the most vulnerable, but must be offset by increased taxes or lower government spending. tighter monetary conditions will also affect financial stability, requiring judicious use of macro prudential tools.