Global Economic Cooperation

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International economic cooperation is our main priority

Sharing information and pooling resources enable the international community to find common solutions to global problems more effectively and easily.

The COVID-19 pandemic has been an unprecedented economic shock for the world economy.  The global output, estimated by the IMF, fell to 3.5 percent in 2020.

Now, there is a strong need for global economic cooperation that can play a crucial role in securing the smoothest possible immediate exit from the pandemic and maximizing the benefits from national and international efforts to build back better.

But it is also true that substantial opportunities to improve outcomes through international cooperation have been missed.

The challenges to which cooperation can or must be applied in the present crisis are enormous and have a momentum of their own. The extent of common ground needs to be established, trust needs to be rebuilt, and technical solutions to problems are to be found.

Some of the current global issues that would benefit from a cooperative approach may prove relatively straightforward, but others can be much more difficult, that still, need to be addressed urgently and there is no time to lose in taking the first step.