The global economy is facing multiple shocks that are reversing progress on the Sustainable Development Goals (SDGs). The pandemic, the fallout from the war in Ukraine, rising food and energy prices, and much tighter financial conditions leave many developing countries faced with impossible choices.

At the halfway point to the 2030 Agenda, and at a time when achieving the SDG is in serious peril, many countries are forced to cut back on essential social expenditure and investment in the SDGs and climate action.