Foreword: Walking the Line

Jagjit Chadha

National Institute Global Economic Outlook, 2022, issue 6, 3

Abstract: While international focus has fallen rightly on the myriad issues raised by the Russian invasion of Ukraine, we must also remember that we continue to live in the shadow of Covid-19. The World Health organisation have published an estimate that suggests that the death toll associated directly or indirectly with the Covid-19 pandemic (described as "excess mortality") between 1 January 2020 and 31 December 2021 was in the range of 13.3 million to 16.6 million. To put this in context, it is around a third to a quarter of the death toll from World War 2 in around a third of the time. As such it represents a huge disruptive experience that has tested monetary and fiscal frameworks and the quality of our health provision and asked hard questions of globalisation. The invasion has further asked us about our common defence frameworks and food and energy security. As the problems mount, our policymakers are walking a fine line in so many dimensions it is hard to imagine that further crises do not lie in await.

Date: 2022
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