The COVID-19 pandemic has sent the global economy into one of the deepest recessions in memory, disrupting business, trade, health and education systems, labor markets, human well-being, and more. Prior to the pandemic, the global economy already faced significant challenges due to emerging trends. Automation and new data flows were impacting international trade, labor productivity growth had slowed, income inequality was rising in advanced economies, and the global financial system did not provide sufficient protection for emerging and developing countries, among other trends. The pandemic has exacerbated these weaknesses and highlighted the need for reform.
At the same time, this is a moment for proactive and comprehensive approaches to build back better. On Wednesday, November 18, the Global Economy and Development program at Brookings hosted a virtual event to launch a new edited volume of essays “Reimagining the global economy: Building back better in a post-COVID-19 world.” Following an introduction by Global Economy and Development Vice President Brahima S. Coulibaly, a moderated panel of experts who authored essays for the publication discussed the economic impacts of the pandemic and opportunities for policy to respond. Questions from the audience followed.