Watch 9-min video highlights here.
Watch full webcast replay here.
• After such a big shock, there will be no V-shaped rebound. It is highly optimistic to expect GDP levels to return to pre-pandemic levels by 2022. The path to recovery is uncertain, as the coronavirus continues to spread and poorer nations cannot sustain a lengthy lockdown.
• Developing economies, which do not have adequate resources for stimulus packages, will need significant debt relief. Multilateral institutions must help them meet basic needs.
• Trade patterns and supply chains will change, with the reshoring of the production of essentials such as medicines. But the pandemic could well further globalize the production of non-essential goods.
• The pandemic will accelerate the adoption of digital technologies. Developing economies will need support so that they are not left behind. The deployment of technology could stimulate regional trade and investment integration in developing regions such as Africa.
• Global leadership has been lacking. The pandemic has amply demonstrated that international cooperation is required to address such a global challenge.
• A new form of multilateralism needs to be re-conceptualized to address issues such as the impact of technology, sustainability and income inequality to carry us through the post Covid-19 world.
• A new form of cooperation, be it global supply chains or new rules on trade, needs to be developed for large and small businesses.
• The many questions received from the webcast would form the basis for the Asia Global Institute to frame. These pressing global issues will be addressed by internationally renowned experts in future Global Thinkers series.
Professor Michael Spence is Advisory Board Chairman of Asia Global Institute and he is a Nobel Laureate in Economic Sciences, and a world authority on growth in developing countries and on the convergence between advanced and developing economies.View Profile
Covid-19 has plunged the global economy into its deepest recession since the Great Depression. Lockdowns, shutdowns and travel restrictions have led to bankruptcies, layoffs and a sharp fall in global trade. With economies reopening even as the coronavirus continues to spread, how resilient will be the rebound? And as governments, the business sector and multilateral organizations struggle to reset national, regional and global economies for a post-pandemic world, how will the crisis change patterns of globalization and multilateral cooperation?
Join the global thinkers in a live debate about the long-term impact of the pandemic and the new opportunities for reshaping the global economy and the international order.