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Global Economic Recovery in the Face of COVID-19

In: New Normal, New Technologies, New Financing

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  • Maurice Obstfeld

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.

Suggested Citation

  • Maurice Obstfeld, 2022. "Global Economic Recovery in the Face of COVID-19," Chapters, in: Lili Yan Ing & Dani Rodrik (ed.), New Normal, New Technologies, New Financing, chapter 3, pages 22-37, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:chaptr:2022-new-normal-new-technologies-new-financing-3
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    References listed on IDEAS

    as
    1. Martin Chorzempa & Adnan Mazarei, 2021. "Improving China's participation in resolving developing-country debt problems," Policy Briefs PB21-10, Peterson Institute for International Economics.
    2. Broner, Fernando & Didier, Tatiana & Schmukler, Sergio L. & von Peter, Goetz, 2023. "Bilateral international investments: The big sur?," Journal of International Economics, Elsevier, vol. 145(C).
    3. Matthew Fisher & Adnan Mazarei, 2020. "A possible IMF Pandemic Support Facility for emerging-market countries," Policy Briefs PB20-11, Peterson Institute for International Economics.
    4. Gary Clyde Hufbauer & Megan Hogan & Yilin Wang, 2022. "For inflation relief, the United States should look to trade liberalization," Policy Briefs PB22-4, Peterson Institute for International Economics.
    5. Maurice Obstfeld, 2021. "An uneven global rebound will challenge emerging-market and developing economies," Policy Briefs PB21-21, Peterson Institute for International Economics.
    Full references (including those not matched with items on IDEAS)

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