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Projecting global growth slowing to 2.2% in 2023, UNCTAD outlines actions to avert crisis and support developing countries exposed to cascading crises of debt, health and climate due to inadequate financial support.

Commodity importers are hit hardest while fossil fuel exporters register temporary windfall gains.

Many economies of the region are facing growing pressure on their external debt positions and the rising cost of living is a growing challenge to policymakers.

Regional growth is projected to pick up in 2023 but downside risks from China's greater-than-expected slowdown, the weakness of the global economy and policy shifts in advanced economies pose concern.

Almost 60% of Africa's low-income countries are already in debt distress or at high risk of it and millions of Africans are falling back into poverty amid acute risks of food insecurity.

The organization calls for all debt relief and restructuring to be consistent with the achievement of Agenda 2030.