As the world seeks to comprehend the new normal, we face many unknowns. Will jobs come back? How will we travel again? What will recovery look like? Much is still a question mark. In fact, we are living in the most “unmeasurable of times,” writes the IMF’s Geoffrey Okamoto, making it hard to quantify high uncertainty and risk.
What we do know is that the age of COVID-19 has painfully exposed and widened existing economic and social divisions and created new ones. It has accentuated disparities among workers, especially the young, female, and least educated. It has made more acute frailties in public health systems, the precariousness of work, and the digital divide. It has challenged governments, which now face higher spending needs and ballooning debts. And it has brought to light the long simmering issue of racial injustice.
Yet this crisis and the fault lines it is exposing are inspiring calls for a rethinking of our priorities and reconsidering the very structure of the world economy toward a future that is more equitable, adaptable, and sustainable—more resilient.
This issue of Finance &Development gives voice to diverse contributors on what needs to be done.
“The networked problems of our time are amenable […]