COVID-19 and the fiscal and monetary challenges to implementing Our Common Agenda

COVID-19 and the fiscal and monetary challenges to implementing Our Common Agenda

This contribution examines the fiscal and monetary policy legacies of the COVID-19 pandemic. Thanks to exceptional support from governments and central banks, the world economy returned rapidly to growth following the dramatic global lockdowns of spring 2020. However, the huge fiscal and monetary interventions involved raise significant challenges for future growth and financial stability, especially given the sharp rise in inflation from mid-2021. These challenges make implementing the ambitious Common Agenda of the United Nations difficult, especially as the war in Ukraine has greatly weakened international cooperation.

 

Photo by Steve Johnson