Topic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
4. Highlight and explain the key challenges for global recovery from the pandemic and the importance of a proactive response from the developed countries. (250 words)
Reference: Business standard
Why the question:
The question is premised on the article – Avoiding a K-shaped global recovery.
Key Demand of the question:
Highlighting key challenges for global recovery from the pandemic and the importance of a proactive response from the developed countries.
Directive:
Explain – Clarify the topic by giving a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.
Structure of the answer:
Introduction:
Briefly present the context of the question.
Body:
The answer body must have the following aspects covered:
Challenges in recovery from COVID-19 pandemic –
- Global character and the continuing crisis in many developing countries: Report by Institute for New Economic Thinking’s (INET) Commission on Global Economic Transformation cited that achieving a rapid global recovery requires all countries to be able to declare independence from the virus.
- Threat of mutation: Will put everyone at risk as long as the virus continues to flourish anywhere.
- Supply constraints due to poorly designed international intellectual-property regime:
- IP reform, in general, is long overdue, vested interest corporate lobbies and myopic governments in developed countries holding back reforms.
- Rise of “Pandemic nationalism”: Exposed deficiencies in global trade, investment, and IP regimes.
- Inequality: Based on World Bank data, US spending have been some 8,000 times higher than that of least-developed countries.
Conclusion:
Conclude with way forward.
