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The 2023 edition of the BRICS Economic Bulletin looks at how BRICS countries have recovered from various shocks facing the global economy over the past few years, including successes in offsetting the output losses from the COVID-19 pandemic, converging back to earlier growth trends, and the changes in wage and price formation. The bulletin concludes with how these developments have shaped the monetary policy response and whether other policies were put in place to support the task of central banks in fostering price and financial stability amid sustainable economic growth.