Rarely have business and whole countries faced such a perfect storm of disruptive forces. Just as the worst of the COVID-19 pandemic recedes in many countries, the war in Ukraine has had further devastating consequences, having a ripple effect on the rest of the world and upending any plans to return to business as usual. Before the outbreak of the war in Ukraine, inflation was already surging but many other key global macroeconomic variables seemed to be improving. Economic growth was returning to pre-pandemic levels and many countries were on the road back to full employment. But the war presents a serious setback for recovery and another challenge to globalisation – issues we will need to anticipate and address. Of course, governments have always faced policy trade-offs. However, today the stakes are higher, the pace of disruption more dynamic and the situation increasingly complex because there are so many concurrent competing forces at play. There are difficult choices facing countries in four critical areas. These include tackling inflation and avoiding any widening of inequality gaps, resuming an inclusive and sustainable growth path, balancing energy security with...