Opinion: A Global Transformation That Works for Everyone

The Covid-19 pandemic derailed economies everywhere, and in most developing countries, incomes remain well below pre-pandemic levels. Inflation, made worse by the war in Ukraine, is particularly painful for low-income and vulnerable countries, where essentials like food and energy dominate household budgets. Higher interest rates are exacerbating debt distress across much of the developing world, squeezing public and private investment and paring back growth. To compound this, the climate crisis is hitting hardest the very countries that did contributed least to the problem, and which have the most limited means to cope.