The global economy faces significant headwinds, with great uncertainty over the future course of pandemic and its variants, on-going supply chain disruptions, supply-demand imbalances, rising energy prices and the specter of broad-based inflation. Added to this mix are localized labor shortages and upward pressures on wages, geopolitical tensions, and climate-related risks. Monetary policies in advanced economies are tightening. After two years of pandemic-related spending, fiscal policies have increasingly less room to maneuver. What is the outlook for 2022 and 2023? What are the key signposts and vulnerabilities—and what could trigger recession? What policies will the world economies have to fight the next downturn? Will we see renewed economic disruptions?