Central Banks Must Address Pandemic Challenges

By Anis Chowdhury and Jomo Kwame SundaramSYDNEY and KUALA LUMPUR, Aug 3 2021 (IPS) Hopes for an inclusive global economic recovery are fast fading. As rich countries have done little to ensure poor countries’ access to vaccines and fiscal resources, North-South “fault lines” will certainly widen. Enhancing relief, recovery, transformation While the International Monetary Fund (IMF) has revised rich countries’ recovery prospects upward, the United Nations (UN) notes formidable challenges, especially for developing countries, due to the pandemic. Anis ChowdhuryThe UN warns of more setbacks for the Sustainable Development Goals (SDGs), already behind schedule before the pandemic. Grim recovery prospects have been worsened by debt distress and dramatic drops in investment and trade. Designing appropriate relief, recovery and reforms well is necessary. For the IMF, growth-enhancing reforms could significantly improve growth in emerging market and developing economies over the next decade. Countries must quickly spend much more to contain the pandemic and offset adverse effects of policy responses. This is needed to protect incomes, jobs and businesses, while paying more attention to the most vulnerable. Also, the SDGs still need more financing. Policy choices now will determine chances of a greener, more inclusive and resilient future. There have to be better synergies among short, medium and long-term policies through improved coordination. Macroeconomic policy coordi...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: COVID-19 Development & Aid Economy & Trade Financial Crisis Global Green Economy Headlines Health Human Rights Humanitarian Emergencies Labour Poverty & SDGs TerraViva United Nations Source Type: news