sentences: looking ahead, the global economy  faces  multiple downside risks, including the  following 1 aggressive tightening by major central banks including the fed and the  ecb,  roiling  global  financial  markets  and  depressing  economic  activity  worldwide,  heightening the risk of defaults by countries with high levels of external debt; 2 the  russia-ukraine  war  continuing  on,  taking  a  toll  on  the  european  economy  amid  the  resulting energy crisis and hurting political and economic stability amid financial market  turbulence; 3 chinas zero-covid policy posing a threat to the easing of global  supply  chain  bottlenecks,  and  the  real  estate  market  pressures  destabilizing  global  financial stability