Davos Agenda: What you need to know about the global economy
In May, the world’s top risk professionals identified “prolonged recession of the global economy” as the most feared risk of COVID-19.
This was followed by other economic risks: a surge in bankruptcies and wave of industry consolidation, failure of industries or sectors in certain economies to properly recover, high levels of structural unemployment, and weakening of fiscal positions in major economies, among other significant concerns.
With the COVID-19 fallout compounded by the trade tensions, inequality and geopolitical concerns that marked 2019, ensuring a swift and sustainable economic recovery is paramount.
Upward social mobility is a moral and economic challenge for our rulers and policymakers. It is appalling if a child in the 21st century says that s/he is poor because his/her parents are poor. Children in more than 25%of the total Pakistani households, especially those below the poverty line, do not even have the opportunity to be on the path toward a better life or have to remain chained to their parents and grandparents’ socio-economic.
why the poor in India remain poor.According to the World Economic Forum’s Global Social Mobility report, in India, it would take 7 generations for a member of a poor family to achieve average income; in Denmark, it would take just 2 generations to do so.
A key concern leading up to the Budget for 2020-21 was the
falling credibility of Budget numbers. With Covid-19 playing havoc with the economy even before the start of the new financial year, this problem is likely to sustain.
Another key concern in the Budget and this, too, is likely to be a concern in the forthcoming Budget of 2021-22 was the adherence to fiscal rectitude. But the ugly truth about