The world is still trying to grasp the economic impacts of the coronavirus pandemic as it struggles to contain the virus. Despite the uncertainties surrounding us, it has become clear that we must build a more resilient and inclusive global economic and financial system.
It is a crisis of staggering proportion. Global gross domestic product is expected to fall 5.2% in 2020, causing the deepest global recession since the Great Depression of the 1930s. At least nine out of 10 countries are poorer now than they were a year ago, and more than 70 million people could be pushed into extreme poverty in 2020, wiping out a decade of hard-fought development gains.
