The economic response to the COVID-19 pandemic involves both short-term priorities and longer term planning of the eventual recovery.
The immediate need is to continue mobilising public health resources and actions to contain, suppress and ultimately eradicate the virus. With a third of the global population currently in lockdown and economy activity restricted, these actions have resulted in a severe supply-side shock to the world economy. Emergency stimulus measures are urgent for mitigating this shock and protecting vulnerable populations and businesses.
But we must also start thinking now about how best to rebuild our economies after the pandemic wanes. Simply reviving the existing ‘brown’ economy will exacerbate irreversible climate change, biodiversity loss and other environmental risks. Instead, we must foster green structural transformation of the world economy.
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