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The world economy is experiencing a deep recession amid a still unchecked pandemic. But the commitment to recovering better will not materialize if, as happened after the global financial crisis, the advanced economies resort to a policy mix of austerity, liberalization and quantitative easing. Such an approach will only worsen a whole set of pre-existing conditions and in particular, high inequality, excessive debt (both public and private and weak investment—that will lead to a lost decade, particularly for developing countries. What is needed instead is an expansionary plan for global recovery, that can credibly return even the most vulnerable countries to a stronger position than before the crisis. This paper sets out some of the key elements of such a plan and argues that its implementation will require systematic reforms to the multilateral trade and financial system if a more resilient recovery is to turn into a sustainable and inclusive future.
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10.1057/s41301-020-00264-y
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document_parses/pdf_json/55dcb53e70b734d87a0759f44aadfb6e41040749.json
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document_parses/pmc_json/PMC7644997.xml.json
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Recovering Better from COVID-19 Will Need a Rethink of Multilateralism
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