The global economy will not be the same after the shock of the COVID-19 pandemic. Amid widespread sickness and death, supply and demand for goods have plummeted and unemployment has soared. In a matter of days or weeks, industries such as travel and tourism were disrupted at an unthinkable scale. The retail sector was transformed by social distancing, and companies worldwide dramatically intensified the use of remote working arrangements. The fragility and gaps in health systems, early warning systems, information systems and social safety nets have been exposed.
This commentary offers practical suggestions to Ministries of Finance on how to deliver on urgent social and economic priorities while also addressing another major global risk — climate change — in highly socially and economically beneficial ways.