The United Nations Trade and Development Conference (UNCTAD) in its latest Trade and Development Report Update warns that developing countries are facing years of difficulty as the global economy slows down amid heightened financial turbulence. Annual growth across large parts of the global economy will fall below the performance registered before the pandemic and well below the decade of strong growth before the global financial crisis. The UN trade body estimates that interest rates hikes will cost developing countries more than $800 billion in foregone income over the coming years. UNCTAD expects global growth in 2023 to drop to 2.1%, compared to the 2.2% projected in September 2022, assuming the financial fallout from higher interest rates is contained to the bank runs and bailouts of the first quarter.