By Richard Kozul-Wright, Director of the Globalisation and Development Strategies Division, UNCTAD
This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.
The coronavirus has ruptured our world and, as with past global pandemics, raised fundamental questions about the way we organise society and the values that structure our lives. But it has also encouraged us to imagine a better world. However, if we are to act on that imagination, we will need to acknowledge the mistakes of the last decade, above all in the world’s richest economies.
Recovering better demands that we treat the COVID-19 pandemic as an opportunity to identify and address underlying structural barriers, at both the national and global levels, in the way of a more prosperous, equitable and resilient future. This did not happen after the global financial crisis when returning to business as usual was the winning policy mindset. But higher share prices or fuller treasuries, or more sophisticated supply chains will not be the basis on which future generations judge our response to the current crisis.Continue reading