Global economic activity proved highly resilient during the disinflationary period 2022- 2023. Employment and income growth remained relatively steady, as favorable supply and demand developments supported the major economies, despite rising central bank interest rates aimed at restoring price stability. As inflation converges towards target levels and central banks move towards an easing policy stance, a tightening of fiscal policies aimed at reducing the high level of public debt, with higher taxes and lower public spending, is expected to affect overall economic growth. The pace of expansion is also expected to remain subdued by historical standards, reflecting factors including the longer-term consequences of the COVID-19 pandemic, Russia's invasion of Ukraine, weak productivity growth and rising geo-economic fragmentation.