David Wessel, a journalist and director of the Hutchins Centre on Fiscal and Monetary Policy at the Brookings Institution, re-tweeted on Brahima S Coulibaly’s (the vice president and director of the Global Economy and Development programme at Brookings Institute) views on 2020 being an exceptionally difficult year for the world to recover from due to the coronavirus pandemic.
According to Coulibaly, the two most anticipated and consequential events of the global economy and society will be the end or containment of the Covid-19 pandemic, as well as a change in the US administration.
Remaining optimistic about coronavirus vaccine developments, he states that a large fraction of the world will be vaccinated by the mid of 2021, which will also pave the way for normalisation of activity.
He also confirms that the pandemic is disproportionately affecting the more vulnerable countries and segments of the society.
As a result, global poverty and inequality will rise significantly.
For policymakers, spending the next few years on rebuilding efforts and prioritising international cooperation will be important, he added.