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year highs, leading to a cost of living crisis. and when it comes to covid, on the 14th of september, the head of the world health organization, the who, said, and i quote, "we can see the finish line," but added more needed to be done to save lives and minimize economic disruption. and on december the 14th, the world's biggest and most influential central bank, the us federal reserve, increase the cost of borrowing again to a range of 4.25% to 4.5%. remember, it was just above zero at the start of the year and many other central banks have followed suit. so with all of that in mind, and the pandemic still playing out, back in may, i asked the head of the international monetary fund, kristalina georgieva, if the war in ukraine was an obstacle just too far for the global economy. it is definitely a major factor for setback of the recovery. just to give you a sense as to how significant it is, we did downgrade our projections