As the world battles multiple crises, effective macro-fiscal policy is paramount and not only to alleviate short-term crises. A medium-to-long-term strategy that addresses fiscal and economic vulnerabilities while fostering sustainable growth is needed. What principles should policymakers follow to formulate forward-looking fiscal policy?
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More than a year since the beginning of the COVID-19 pandemic, the global economy is recovering from a deep economic crisis that significantly shrank global GDP, disrupted global supply chains, and plunged 100 million people into extreme poverty worldwide.