While more advanced economies have begun to return to their pre-pandemic trajectories, two years into the COVID-19 pandemic, it is becoming clear that emerging and low-income countries may take years to recover from the socio-economic damage it has caused. In Africa, the pandemic pushed 29 million people back into extreme poverty, undoing much of the progress made since the 1990s. In Latin America and the Caribbean, the poverty rate and inequality increased by three percentage points in 2020. In Emerging Asia, the pandemic threatens to exacerbate pre-existing inequalities within and amongst countries. In this context, developing countries’ narrowing financing capacity to tackle the consequences of the pandemic is deeply concerning. Additionally, Russia’s invasion of Ukraine has spread chaos across the region, displacing people and destroying lives, homes and infrastructure, while making the road to recovery even more uncertain. The Emerging Markets Network’s (EMnet) 2022 edition of Business Insights on Emerging Markets provides private sector perspectives on urgent policies to drive a sustainable, resilient and equitable recovery.