Global economic outlook and Covid-19 policy response
Covid-19 has had a considerable impact on the global economy. With much of the world facing large-scale lockdowns and temporary business closures, governments have stepped in with fiscal measures to smooth the crisis. As a result, government borrowing is on the up, just as the world’s major economies are seeing their GDP fall. The situation calls for a more streamlined and coordinated global approach. Ludger Schuknecht, who is responsible for promoting the Organisation for Economic Co-operation and Development’s efforts on sustainable development, growth, and ‘better policies for better lives’, discusses the policies in place and the OECD’s role in tackling the short-term health crisis and the longer-term economic fall-out.