Amidst the debate, fears, political polarization, and regrets surrounding globalization, we cannot ignore a central reality: much of it is not reversible or even resistable. As in other periods of human history where new connections are forged between geographies and civilizations—whether driven by empire building, technological change, regime change, or climate change-driven migration—Pandora’s Box, once opened, cannot be closed. We explore the major forces that will shape globalization in the future, and the policy and institutional changes needed globally and across a broad swath of countries.
CGD Policy Blogs
Anyone who follows the media on development finance will not be surprised if the corridor talk at the upcoming Annual Meetings of the World Bank and International Monetary Fund (IMF) is affected by the recent World Bank decision to discontinue the Doing Business Index. These discussions will invariably include the implications for data management and integrity at the Bank as well as spillovers questions regarding the leadership at both institutions.
"The fight against COVID-19 is a global war but policymakers are not behaving accordingly. As a result... the scars will haunt our international relations for years to come."
How well will the world respond next time—especially if that virus has a 5 percent fatality rate rather than the ~1 percent of COVID-19?
I am very pleased to welcome Javier Guzman as the new Director of CGD’s Global Health Policy Program and a Senior Policy Fellow.
Expanding Vaccine Access and Humanitarian Financing Should Be Urgent Objectives for the World Bank and IMF
Shortly before the Spring Meetings of the World Bank and the International Monetary Fund, we set out how they could be a turning point in addressing the consequences of the pandemic.
Most observers gave the IMF high marks for its initial response to the COVID-19 crisis. It responded quickly with emergency financing to 86 countries, including a fivefold increase in its concessional lending to low-income countries. And its leadership was quick to recognize that the unprecedented nature of the crisis warranted a different approach to macroeconomic and financial policy.
While those lucky enough to live in the United States or Europe fret about the extra weeks before their vaccine jab is scheduled, 6 billion people in developing countries will need to wait months, if not years. COVID-19 vaccine production lags far behind demand, and one reason why developing countries find themselves at the back of the queue is that they were unable collectively to make the firm financial offers for advance purchases when these vaccines were still in the making.
The CGD family is mourning the recent loss of our friend and colleague, Benno Ndulu. Benno was a towering intellect and a forceful policymaker. He was also a friend to CGD.
As development agencies transition from their immediate COVID-19 response towards a medium-term strategy, their leaders see a clear need to rethink some key aspects of their underlying business models. The Development Leaders Conference brought together heads of bilateral development agencies and senior management from selected multilateral institutions.