New OECD Report On Economic Resilience For The 2021 UK Presidency Of The G7 Launches On Tuesday 23 March 2021
Economic resilience has emerged as a priority in response to the devastating impacts of recent system-wide crises, including the COVID-19 pandemic, but also the Global Financial Crisis of 2007-09, both of which will continue to leave lasting scars on our economies and societies.
As countries begin to overcome this crisis through a combination of vaccine rollouts, ongoing containment and fiscal support measures, policymakers are increasingly looking to strengthen resilience to future shocks as an integral part of “building back better” after the pandemic. No two crises will ever look the same, but it is critical to learn the lessons in order to:
- prevent the build-up of potential vulnerabilities;
- prepare to absorb shocks when they occur; and
- build in the ability to engineer a swift rebound.
The G7 has the potential to play an important role in helping to develop a common understanding of how global interconnectedness and openness have both contributed to and challenged economic resilience. The 2021 United Kingdom Presidency of the G7 has convened a Panel on Economic Resilience, which will report to the G7 Leaders Summit in June.
A new OECD report, Fostering economic resilience in a world of open and integrated markets: Risks, vulnerabilities and areas for policy action will inform the Panel’s discussions to help build consensus around safeguarding the delivery of global public goods and shape incentives for long-term resilient, inclusive and sustainable economic growth. The report will be published on Tuesday 23 March at 15:30 CET.