Nobel prize economists Joseph Stiglitz and Michael Spence call for vaccine equity and debt relief

‘Nobel Prize-winning economists Joseph Stiglitz and Michael Spence are spearheading calls for urgent action to help poorer countries recover from the economic ravages of the coronavirus pandemic, including measures to advance vaccine equity, debt relief, and bolstering fiscal resources for cash-strapped nations.

‘The proposals were outlined in a new interim report released on Thursday – the one-year anniversary of the global pandemic – by the Institute for New Economic Thinking’s Commission on Global Economic Transformation, co-chaired by Stiglitz and Spence.‘

Read here (Aljazeera, Mar 11, 2021)\

The pandemic and the economic crisis: A global agenda for urgent action

Read full text here (Institute for New Economic Thinking, March, 2021)

Prioritise pandemic relief, recovery: No time for debt buybacks

‘Developing country governments are being wrongly advised to use their modest fiscal resources to pay down accumulated debt instead of strengthening pandemic relief and recovery. Thus, debt phobia risks deepening and extending COVID-19 recessions by prioritising buybacks...

‘With ‘collective action’ complications affecting negotiations, and the greater number and variety of heavily indebted countries and creditors, equitable debt buybacks are impossible to negotiate. Worse, prioritising buybacks means rejecting former debt hawk Reinhart’s current pragmatic advice to “First fight the war, then figure out how to pay for it”.

‘The urgent priority is for fiscal resources to strengthen relief, recovery and reform measures. Prioritising debt buybacks, instead of urgently augmenting fiscal resources, may thus contribute to another “lost decade” or worse.’

Read here (IPS News, March 9, 2021)

Post-Covid world discourse: Four fault lines

‘There is a plethora of published views, opinions and emerging evidence available on what the post-COVID world might look like. A broad consensus seems to exist regarding how things won’t – or can’t – go back to the way they were before. A ‘new normal’ will emerge resulting in a significant refashioning of the status quo, for economic agents as well as governance structures globally.

‘But a review of the opinions and outlooks out there so far suggests that there are a number of vital gaps that need to be brought forth if we are to ‘build back better’ and in an inclusive and sustainable way. These include:

1. Southern voices and local contexts are missing
2. Limited focus on long-term implications
3. Over-generalised perceptions about anticipated changes
4. Absent national level analysis of global trends’

Read here (On think tanks, Jan 11, 2021)