The COVID-19 pandemic has not only exposed the loopholes in global health security but is also a dire warning of the fragility of global economic conditions. The International Labour Organisation (ILO) estimates that over the course of the pandemic, unemployment could rise to affect between 5.3 million to 24.3 million1. Developing nations will have to bear the brunt of this pandemic because of their dependence on large-scale informal economies that have come to a standstill and disrupted their economic supplies. Former UN Secretary-General, Ban Ki-moon once said, “our struggle for global sustainability will be won or lost in cities”. The global economy is only as strong as its weakest links.
In recognition of these conditions, this Brief examines how G20 can drive the necessary conditions for stimulating inclusive growth and social cohesion. We draw upon the concept of Social and Solidarity Economy (SSE) to develop frameworks for localization of growth and resilience in times of global uncertainty through 1) building up secure, competitive digital infrastructure, 2) creating enabler ecosystems to foster local economic development and 3) decentralizing decision-making and bringing local and non-state actors to the international table.
Read the full policy brief and download it here.
A policy brief by Anaswara Kovithal, Ji Yoon Han and Renan Magalhães.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views of the Global Solutions Initiative.
The authors are students at the Hertie School, Berlin of the Master of Public Policy, and members of the extended circle community of the Young Global Changers program.