How to fend off
 a great recession

Rapid intervention is essential to salvage what has been lost and put people’s lives back on track



File photo
File photo

Published: Wed 13 Jul 2022, 11:12 PM

Dark clouds loom over the global economy but the world can pull back from the brink if rich countries intervene and prevent failed economies from dragging the global economy into a financial abyss. No one wants a full-blown economic crisis after a health crisis. The International Monetary Fund (IMF) has warned of inflationary pressures getting worse this year and the next.

Rapid intervention is essential to salvage what has been lost and put people’s lives back on track. The pandemic caused the great disruption of the century. This was followed by a great resignation. What we are now witnessing could be a great migration caused by a lack of food, jobs, and endless war. The bad news from the IMF is: there is more to come.

Just when the world thought the Covid crisis was under control, thanks to the early roll out of vaccines, the Russians launched special operations in Ukraine against the so-called Nato expansion in Eastern Europe. The strife drove millions out of their homes and European nations are facing a wave of refugees believed to be close to 10 million. The world could now be in the grip of a great migration caused by economic mismanagement of epic proportions.

Sri Lanka is a case in point where corrupt leaders have been shown the exit after they bungled their response to the pandemic.

The IMF is calling for concerted action from countries and institutions to prop up the global economy. Crop cultivation has been affected in Ukraine and Russia has caused a food crisis that could throw millions into poverty. The immediate task is to ensure there is enough food on the table for people in distressed regions and for refugees seeking to rebuild their lives after being uprooted by domestic strife, conflict and natural disasters. A global response is, therefore, important to fend off a great recession after the pandemic’s great disruption. It will take money, food, and resources being poured into countries that need them urgently. The only war to wage is against poverty and unemployment.

that astronomy is a humbling and character-building experience. There is perhaps no better demonstration of the folly of human conceits than this distant image of our tiny world. To me, it underscores our responsibility to deal more kindly with one another, and to preserve and cherish the pale blue dot, the only home we’ve ever known.”


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