The COVID-19 crisis has painfully exposed the deep inequalities and fragilities of social, financial, political, and economic systems. It has amplified already existing inequalities and exclusion, both within and between countries and communities. As such, it offers a moment for global society to ask: How did we get here? Why are we vulnerable on this scale? And how can we recover?
This document offers 10 practical considerations for governments and other stakeholders as they begin to look towards policies for long-term economic recovery and resilience. They are informed by seven key conclusions on the COVID-19 crisis:
- Our societies and economies must become better informed by science and better positioned to respond to uncertainty.
- The recovery should recognise the connections between human and environmental health, and go beyond merely responding to the pandemic towards building resilience to risks, including climate change, biodiversity collapse and widening inequality.
- To achieve this, stimulus and recovery efforts should address the underlying causes of these systemic risks, through inclusive, practical and targeted reforms and investments which balance socioeconomic and environmental priorities.
- Recovery plans should build towards the shared global vision of the Sustainable Development Goals and 2030 Agenda, which remain the most comprehensive and inclusive roadmap towards a positive future.
- The scale of public debt arising from the COVID lockdown risks severely reducing real or perceived fiscal space for public investment in many countries, particularly in the global South. Recovery spending should align with - rather than displace - essential spending on a green and fair transition.
- Collective action is needed to fund a strong, equalising and smart recovery. Investment will need to be driven by advanced economies with the fiscal space to make the crucial investments needed.
- Adequately addressing underlying systemic risks will require sustained effort beyond stimulus and early recovery phases, including longer term public spending and private investment. This necessitates strong support from society.