This report highlights the risk of a sharply diverging world in the near term where the gaps between rich and poor widen because some countries lack the necessary financial resources to combat the COVID-19 crisis and its socioeconomic impact. Short-term risks are compounded by growing systemic risks that threaten to further derail progress, such as climate change. The report assesses the impact of the pandemic on the global macroeconomic context, including a discussion of the interlinkages between economic, social (e.g. health, inequality), and environmental (e.g. climate) risks.