The world continues to confront multiple, inter-connected crises. Amid a slow recovery from the impact of the COVID-19 pandemic, the world is facing a food and energy crisis exacerbated by the war in Ukraine with record high inflation unleashing a cost-of-living crisis. Developing countries are in trouble over the costs of imports and debt servicing, and a climate crisis continues to wreak havoc in the most vulnerable countries and populations. Amid monetary tightening, subdued consumption, and private investments, judicious government spending will remain critical for steering economic recovery worldwide. The World Economic Situation and Prospects 2023 will underscore the imperative of supportive and accommodative fiscal measures to lift growth and accelerate SDG progress.