The United Nations Conference on Trade and Development (UNCTAD) warned on the 3rd that the monetary and fiscal policies of developed economies may plunge the global economy into recession and long-term stagnation, causing more serious damage than the impact of the international financial crisis in 2008 and the new epidemic in 2020. The Trade and Development Report 2022 released by UNCTAD on the 3rd pointed out that rapid interest rate hikes and fiscal tightening in developed economies, coupled with the negative impact of the new epidemic and the crisis in Ukraine, have turned the global economy from a slowdown to a downturn, and a soft landing is unlikely to be achieved. According to the report, in the decade long period of ultra-low interest rates, the multinational central banks have never achieved the inflation target, nor promoted healthier economic growth. Any idea of reducing prices through higher interest rates without economic recession is an "careless gamble". The report said that under the circumstances of declining real wages, fiscal tightening, financial turmoil and insufficient multilateral support and coordination, excessive monetary tightening may lead many developing countries and some developed countries to a period of stagnation and economic instability. According to the report, the world economy is expected to grow by 2.5% in 2022 and decelerate to 2.2% in 2023. All regions in the world will be impacted by the slowdown in growth, but developing countries will be particularly impacted. Its average growth rate is expected to fall below 3%. This growth rate is not enough to achieve sustainable development, and will further squeeze public and private financial space and damage employment prospects. The Secretary General of UNCTAD, Rebecca Greenspan, said: "We still have time to pull the economy back from the brink of recession. We have the tools to suppress inflation and support all vulnerable groups. This is a matter of policy choice and political will." UNCTAD is the permanent body of the United Nations dealing with issues related to trade and development. Its purpose is to maximize the trade and investment opportunities of developing countries, and help them meet the challenges of globalization and integrate into the world economy on an equitable basis. (Liu Xinshe)