Global cooperation is required to transform the economic and social systems of the world for a better future
KARACHI: The coronavirus pandemic has caused the greatest economic catastrophe that the world has faced after the Great Depression of 1930s. Economic growth worldwide is likely to decrease by 3% this year, according to the IMF, which is worse than the economic setback endured during the Great Recession of 2008-09.
What is even scarier is the economic repercussion that the vulnerable and poor strata of the society are likely to experience amid the current crisis. Income inequality is expected to rise as those with advanced degrees and skillsets can easily adapt themselves to the changing job market, while labourers and daily wagers remain at risk of losing their jobs. The pandemic has also unveiled the dark side of capitalism, with inequality threatening the very foundations of human society. It is time for world leaders to identify the faults in the social and economic systems of the world, and ameliorate all the flaws that have led to this sudden crisis. Leaders need to realise that the existing economic system inherently discriminates against the lower segments of the society, restricting them from climbing up the social ladder. Countries all over the world need to rebuild an economic system that is inclusive and fair by ensuring that the basic facilities of healthcare, education, employment and social security are provided to all citizen regardless of their gender, race, ethnicity or religion.
There is a need to implement progressive taxation and invest more in social programmes which would help protect those that are vulnerable from further falling below in the poverty line. Global cooperation is required to transform the economic and social systems of the world for a better future.
Nayab Iqbal
Published in The Express Tribune, June 5th, 2020.
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