Global Economic Recovery in the Face of COVID-19

Maurice Obstfeld

Chapter 3 in New Normal, New Technologies, New Financing, pp 22-37 from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: After a sharp contraction early in 2020 as the coronavirus disease (COVID-19) spread across the globe, the world economy staged a quick return to economic growth. Two years later, however, the recovery remains incomplete, especially in emerging market and developing economies (EMDEs); the pandemic continues; and the prospects for shared, inclusive prosperity are cloudy. Russia’s invasion of Ukraine in February 2022 and the international response will deliver a further setback to global economic prospects (OECD, 2022). By promoting effective multilateral cooperation on a range of global challenges, the G20 can strengthen the current recovery and mitigate future threats.

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