The world desperately needs a fairer economy – here’s how we can make that happen

theguardian.com:

The Covid-19 pandemic derailed economies everywhere, and in most developing countries incomes remain well below pre-pandemic levels.Inflation, made worse by the war in Ukraine, is particularly painful for low-income and vulnerable countries, where essentials like food and energy dominate household budgets. Higher interest rates are exacerbating debt distress across much of the developing world, squeezing public and private investment and paring back growth. To compound this, the climate crisis is hitting the very countries that contribute least to the problem, and which have the most limited means to cope.

Already, we are seeing the reversal of hard-won development gains. The World Bank estimates that the pandemic and the war in Ukraine have pushed up to 95 million more people into extreme poverty. The World Food Programme projects that almost 350 million people may be food insecure in 2023, more than double the number in 2020. In the wake of the pandemic, unemployment is higher, gender gaps are wider and the share of young people with neither jobs nor sufficient education has risen, according to the International Labour Organization.

None of this is inevitable. If we take the global implementation of the United Nations sustainable development agenda as a barometer of progress, it is true we are on the verge of failing – particularly for countries with inherent vulnerabilities. But governments, the private sector and civil society can make the decisions today that lay a foundation for sustainable development for generations to come. The World Bank and IMF meetings under way in Washington DC this week provide an opportunity to bring these important issues to the table.

International trade has a critical role to play in