During his opening remarks at the launch of the International Debt Report 2022, the World Bank Group President said, “We identified the stagflation risk early in the year. The deterioration is continuing. This brings three risks: a global recession in 2023; a multi-year period of slow growth; and widespread asset repricing as higher interest rates are applied, and hedges run out. Many of the impacts will be delayed even into 2024 and 2025 including debt restructurings.”