Geopolitical Conflicts and Covid-19 Pandemic Blunt Efforts to Boost Global Economic Recovery

BEIJING, May 5, 2022 /PRNewswire/ — Colliding challenges have cast uncertainty over the global economy as the world continues to grapple with escalating geopolitical conflicts, rising inflation, and renewed coronavirus outbreaks, said experts at the International Finance Forum (IFF) during an online session held on April 27.

Themed around “New Global Landscape: Challenges and Responses”, the spring meeting of IFF 2022 was inaugurated in late April, where a group of international economic experts and political leaders shed light on economic headwinds, forecasted global outlook, and discussed strategies and measures to help global economies navigate challenges ahead.

The global economic recovery is losing steam after a rebound in 2021, noted Zhu Xian, Vice Chairman and Secretary-General of the IFF and former Vice President of the World Bank.

Amid the new wave of the Covid-19 pandemic, the global recovery largely hinges on measures that can strike a balance between sustained labor market challenges, lingering supply-chain restrictions, and surging inflation, he said.

Speaking on the role of the pandemic in reshaping the global economic landscape, Han Seung-soo, Former Prime Minister of Korea, Co-Chairman of IFF, and President of the 56th UN General Assembly, pointed out that Covid-19 has greatly driven the regionalization of the global economy.

He said that the challenge the world needs to take up in the future, especially in the coming decades, is to maintain the…