Whilst the world continues to recover from the COVID-19 pandemic, new shocks, such as the Russia-Ukraine conflict, and heightened inflationary trend, have emerged, thereby wreaking havoc on the global economy. These shocks drifted many economies, including advanced and emerging countries, far from full recovery from the impacts of the COVID-19 pandemic. A combination of a surge in commodity prices, heightened global inflationary pressure and supply chain disruptions dampened the global economic performance and outlook.