? 2022, United Nations Conference on Trade and Development The designations employed and the presentation of material on any map in this work do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. This publication has not been formally edited. UNCTAD/GDS/INF/2022/2 TRADE AND DEVELOPMENT REPORT UPDATE: MARCH 2022 Tapering in a Time of Conflict UNCTAD iiA. Introduction The global economy is, literally and metaphorically, staring down the barrel of a gun. Stopping the war in Ukraine, rebuilding its economy and delivering a lasting peace settlement must be the priorities. But the international community will also need to deal with the widespread economic damage that the conflict is already causing in many parts of the developing world; damage that will only intensify as the conflict persists. Recalling George Marshall’s response to the challenges of an earlier post-conflict world, the truth of the matter is that for a significant number of countries, the financial