Even before Russia invaded Ukraine, the global economy was suffering from the repercussions of several man-made conflicts, climate shocks, COVID-19 and rising costs — with devastating consequences for poor people in low-income and developing countries. The war in Ukraine — a major “breadbasket” for the world — is deepening these challenges on an unprecedented scale. In the immediate, swift and bold action is required by both wealthy and low-income nations to avert further humanitarian and economic catastrophe.