Navigating change – Economy – Al-Ahram Weekly

The world economy has been going through a lot. The war in Ukraine broke out while the world was still grappling with the fallout of two years of the Covid-19 pandemic, an event that led to the most inclusive global recession since the 1900s and bigger than the two world wars and the Great Recession in terms of the countries affected, Carmen Reinhart, senior vice president and chief economist of the World Bank Group recently told participants at the 28th annual conference of the Economic Research Forum (ERF).

In 2020, the largest ever share of countries globally saw simultaneous contractions in GDP, she told the conference, entitled “Revisiting Macroeconomic Management in Times of Crisis and Beyond”.

The recovery has been different and uneven, Reinhart noted. The diversion between advanced, middle-income, and low-income countries has also been large. Many emerging markets and developing countries were struggling even before Covid-19. Most economies…

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