Building a post pandemic world more inclusive and resilient
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), reviews the global economic situation in this speech, sharing the priorities to be considered in the path to recovery. The aim is to build a more inclusive and resilient post-pandemic world, a topic that also will have a central place on the agenda of the IMF's annual virtual meetings scheduled for this October.
Kristalina Georgieva offers in a positive mood a realistic message of current economic situation and the priorities to overcome the crisis:
- "The global economy is coming back from the depths of the crisis. But this calamity is far from over": The IMF have slightly improved its estimates of global economic contraction in 2020 as second and third quarter activity has been better than expected.
- “The recovery will be partial and uneven in 2021”: Inequality in the recovery has to do with the extraordinary measures that governments and Central Banks have carried out (about $12 trillion in fiscal support to households and companies) to halt the fall of the world economy.
Effectiveness of measures has been uneven by country, due to the different nature and intensity, which have been conditioned by the starting “response capacity” of the countries: “In advanced economies it is about doing everything necessary. The poorest countries strive to do everything possible”. - The recovery path will be long, full of uncertainty and subject to high risks, considering that many countries have become more vulnerable. This crisis will also mean a setback to the improvement of living standards in many countries, widening inequality.
- The path to recovery should contain the following priorities:
- To defend people's health
- To avoid premature withdrawal of support policies
- To adopt a flexible and forward-leaning fiscal policy
- To deal with debt
- To invest in a more resilient economy: “one that is greener, smarter, more inclusive—more dynamic."
Filter results
According to IE University’s Center for the Governance of Change, deeper and more integrated financial markets would strengthen the euro’s global role. This requires, among other elements, resilient and interoperable payment systems and completing the banking union.
Partnerships between banks and private credit: The winners will be those that combine bank underwriting discipline, distribution, and customer access with private capital’s appetite for long-dated, illiquid risk, according to Oliver Wyman.
Lucrezia Reichlin (CEPR): A CBDC is not a prerequisite for monetary sovereignty. Confusing money with payments can risk misdiagnosing the problem and misaligning economic policy efforts.
According to the World Economic Forum´s Global Risk Report 2026, geoeconomic confrontation, mis- and disinformation and societal polarization make up the top three short-term risks, while environmental risks dominate in the long term.
According to the World Economic Forum, over the last few years AI has moved from experimentation to workflow integration, promising systemic gains in productivity while also raising critical questions around economic inclusion, values, trust and resilience.
According to AFME, a clearer, more coherent, and proportionate regulatory environment, without unnecessary layers and focuses on growth and competitiveness, is keyl to increase investor confidence, unlock private capital and deepen European capital markets
According to the Center for the Governance of Change at IE University, Europeans support technological progress if it reinforces security, inclusion, and social welfare; but resist it when change feels imposed, opaque, or misaligned with their values.
According to a recent report released by CEPS, European financial regulators should adopt competitiveness as a formal secondary objective, following the precedent established by the UK's Financial Services and Markets Act 2023.
According to the OECD. SMEs and start-ups that grow rapidly contribute significantly to job creation, economic growth and competitiveness. Indeed, SMEs that grow by one-third over a three-year period, contribute about as much to job creation as large firms.
According to @McKinsey, banks must prepare for a new growth curve. Strategic precision —the ability to combine technology, capital discipline, and deep customer insight— will distinguish the leaders from the laggards.
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.