The growth signals in the global economy witnessed a shock in the first half of 2022, occasioned by the effects of the Russia-Ukraine crisis that broke out, with huge negative impacts: rising energy and commodity prices, supply chain disruptions, geo-political tensions and weak global growth prospects, among others. Reflecting these developments, inflation reached record highs in both the advanced and emerging market economies and prompted widespread policy rate hikes by central banks across the world. In consideration of the headwinds, the International Monetary Fund (IMF), in the April 2022 World Economic Outlook (WEO), revised downwards the global economic growth forecast to 3.60 per cent in 2022, from an earlier prediction of 4.40 per cent.