Introduction

Lili Yan Ing and Dani Rodrik

Chapter 1 in New Normal, New Technologies, New Financing, pp 1-7 from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: While the coronavirus disease (COVID-19) seems to be behind us now, the scarring effects on employment, poverty, and education will last forever. The unemployment rate reached 6.3% in 2021, with 33 million more people unemployed worldwide than before the pandemic. Women, youth, and less educated groups of the population have been disproportionately affected. Poverty incidence has also increased, with extreme poverty rising by 0.9% in 34 mostly low-income and lower middle-income countries. By the end of 2022, 860 million people could be living in extreme poverty, while simultaneously the world’s poorest countries must repay US$43 billion in debt this year. Moreover, the current war in Ukraine and rising global tensions have placed additional pressures on the world economy. The supply shortage will magnify inflationary pressures through increases in the price of energy, food, and metals. Inflation is expected to remain elevated for much longer, both in advanced and emerging market and developing economies (EMDEs). The fact that now, countries, particularly low- and middle-income countries, have limited fiscal space, has worsened the inequality and the recovery process. We believe the G20 could be an effective international forum to foster a coordinated global response to establish and deliver commitments for resilient, sustainable, and inclusive growth. This report consists of three main sections: economic recovery, digital transformation, and sustainable development

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