BUSINESS

Nearly 50% of pandemic costs will fall on advanced economies: WGS report

May 10, 2021

DUBAI — A seminal report launched by the World Government Summit Organization (WGS), which highlights 21 critical priorities within five focus areas offers a source of direction for governments as they tackle post-COVID-19 recovery.

Wealthier economies will shoulder almost half the cost of the COVID-19 crisis, which could reach up to $3.8 trillion in 2021, the report finds. That, even if developed economies can vaccinate their entire populace and developing economies can reach a 50 percent vaccination rate.

The report says mental health wellness, climate change and women’s empowerment are central concerns that will exacerbate if governments do not rebuild in a holistic, proactive manner.

Mohammad Abdullah Al Gergawi, UAE minister of Cabinet affairs and chairman of the World Government Summit Organization, said: “2020 will be remembered by history as the year of great disruption. While the world was woefully unprepared for the voracity of the virus, 2021 needs to be the year that defines humanity’s future and reshape societies to become stronger and more resilient.”

He added: “With great change comes great opportunity. Valuable lessons emerged over the past year, which we must heed as we recover. Our individual and collective actions as nations have important consequences not only for us, but for our children and the many generations to come after them: we must all be accountable to ourselves and each other.”

With governments’ focus trained on the pandemic over the last 18 months, underlying societal issues such as the mental health and climate crises have exacerbated, and could become as problematic as the public health emergency if leaders do not adapt their thinking, the report suggests.

The 21 priorities outlined by the report are broken down into five sections:

These five focus areas are:

Reimagining and Reinforcing Key Public Institutions

Competing in a Transformed Economy

Navigating a Transformed Geo-Technical Order

Repairing the Social Fabric

Securing the Future. — AETOSWire


May 10, 2021
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