50% of global Covid cost will fall on rich countries: UAE report

Dubai - The world economy could take an economic hit of up to US$3.8 trillion

The World Government Summit Organisation (WGS) on Wednesday launched a new report highlighting 21 critical priorities for the world’s governments as they rebuild and recover from the disruption caused by the coronavirus pandemic.

While dealing with the pandemic has absorbed the attention of governments around the world over the last 18 months, underlying societal issues such as mental health challenges and the climate crisis are set to intensify if governments do not adopt a holistic and proactive approach to the recovery effort, the report suggests.

The report highlights that almost 50 percent of the global cost incurred by the pandemic will fall on developed economies. Even if these countries are able to vaccinate their entire population and developing nations succeed in vaccinating 50 per cent of their population, the world economy could take an economic hit of up to US$3.8 trillion (Dh13.96 trillion), with half of that cost absorbed by the wealthiest countries, the report asserts.

The ‘21 Priorities for Governments in 2021’ report was drafted after the first World Government Summit Dialogues event.

Mohammad Abdulla Al Gergawi, Minister of Cabinet Affairs, and Chairman of the WGS, said: “With great change comes great opportunity. Valuable lessons emerged over the past year, which we must heed as we recover. The most important of those is our interconnectedness with one another and with nature. Our individual and collective actions as nations have important consequences not only for us, but for our children and the many generations to come after them - we must all be accountable to ourselves and to one another.”

The WGS report identifies five critical areas of focus that require the immediate attention of government leaders. In addition, it outlines new mechanisms and approaches to make the global transition and adaptation to the new normal inclusive, productive and innovative.

These five focus areas are: Reimagining and Reinforcing Key Public Institutions, Competing in a Transformed Economy, Navigating a Transformed Geo-Technical Order, Repairing the Social Fabric and Securing the Future.

Recognising the immense value of embracing multilateralism for the greater global good, the report highlights how government leaders can navigate the new normal while delivering on the needs and interests of their the global citizens.

Here are the 21 critical priorities, divided into five focus areas, according to the WGS report:

1. Reimagining and Reinforcing Key Public Institutions

> Alleviate Fiscal Overhangs

> Reimagine the Role of Cities

> Transform the National Portfolio of Capabilities

> Competing in a Transformed Economy:

2. Prepare for the Coming Regulatory Shock

> Rebalance Self-sufficiency and Competitiveness

> Drive Radical, Inclusive Upskilling at Scale

> Reinvent the Task Structure of the Workforce

> Navigating a Transformed Geo-Technical Order:

3. Navigate the Global Competition for Allegiance

> Prepare to Navigate a Reordered Technology Market

> Harness “Warp Speed” Policy Approaches