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Time for the world to embark on a Great Reset

24 5 1
03.06.2020

Geneva – COVID-19 lockdowns may be gradually easing, but anxiety about the world’s social and economic prospects is only intensifying. There is good reason to worry: a sharp economic downturn has already begun and we could be facing the worst depression since the 1930s. But while this outcome is likely, it is not unavoidable.

To achieve a better outcome, the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a “Great Reset” of capitalism.

There are many reasons to pursue a Great Reset, but the most urgent is COVID-19. Having already led to hundreds of thousands of deaths, the pandemic represents one of the worst public health crises in recent history. And, with casualties still mounting in many parts of the world, it is far from over.

This will have serious long-term consequences for economic growth, public debt, employment and human well-being. According to the Financial Times, global government debt has already reached its highest level in peacetime. Moreover, unemployment is skyrocketing in many countries: in the United States, for example, one in four workers have filed for unemployment since mid-March, with new weekly claims far above historic highs. The International Monetary Fund expects the world economy to shrink........

© The Japan Times


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