High-level speakers exchanged perspectives on how to build a global economic system based on social and economic inclusion, equity, and environmental justice, during the latest roundtable in the ‘Rebirthing the Global Economy’ series. The series is part of the Initiative on Financing for Development in the Era of COVID-19 and Beyond, which is co-convened by Canada, Jamaica, and the UN.
The roundtable took place virtually on 24 November 2020, organized by the Office of the UN Deputy Secretary-General.
UN Secretary-General Antonio Guterres told the group that one million people have died from the COVID-19 pandemic, and it has pushed 100 million into extreme poverty, doubled hunger, and increased inequalities. He said educational disruptions could create a “lost generation, especially for children trapped on the wrong side of the digital divide.” Guterres further lamented that the “gender equality gap is widening” and women’s labor force participation, a key driver for inclusive growth, “has been set back decades.” Guterres stressed that vaccines, tests, and treatments “must be global public goods, available and affordable for all.” He called for global coordination and emphasized the need to close the funding gap for vaccine affordability and accessibility.
He also urged aligning recovery efforts with the 2030 Agenda and the Paris Agreement on climate change. He called for a “quantum leap” towards a global coalition for net zero greenhouse gas (GHG) emissions, integrating carbon neutrality goals into all economic and fiscal policies, and implementing measures to transition towards green jobs.
The World Bank Group’s Chief Economist Carmen Reinhart said many of today’s economic challenges pre-date COVID-19. She called for “realism and persistence” to support low-income and emerging markets to survive the pandemic.
European Central Bank President Christine Lagarde observed a need to focus on the millions of people at the bottom of the economic scale. Journalist and Nobel laureate Paul Krugman called for disrupting the COVID-19 transmission chain, and providing economic compensation for those whose livelihoods have been negatively affected by pandemic-related restrictions.
Previous roundtables in the series featured insights from women leaders and from young women economists on jobs and climate action. The Initiative held a ministerial meeting on 8 September 2020 to consider a menu of policy options, and a meeting of Heads of State and Government on 29 September 2020. Leaders are expected to convene again in December 2020 to take stock of progress on policy ambitions for financing sustainable development amid COVID-19. [UN News story] [Roundtable webpage] [Initiative on Financing for Development in the Era of COVID-19 and Beyond] [SDG Knowledge Hub story on previous roundtable]