Latin American and Caribbean (LAC) countries are at a critical juncture. Just as the region was looking forward to a rebound in growth and a more sustainable development path after the pandemic, the current inflationary pressures and stark geopolitical tensions are throwing spanners in the regional recovery works. In parallel, LAC faces the challenge of implementing ambitious adaptation and mitigation strategies to address the climate emergency, while at the same time accelerating the pace of social, economic and institutional progress, all within narrowing fiscal space.This 15th edition of the Latin American Economic Outlook (LEO 2022) argues that the green and just transition agenda is a unique opportunity for Latin America and the Caribbean to improve well-being for all, tackle inequalities, tap into new sources of employment and financing, and chart more sustainable and inclusive development pathways.