The Forum on Economic and Fiscal Policy
Many countries are in the midst of a severe economic crisis and under serious pressure as a result of the COVID-19 pandemic. The immediate impact of the COVID-19 pandemic on the economies of countries is dramatic. The foreign direct investment flows are forecasted to decrease by up to 40% in 2020, to a level below $1 trillion. In 2021, this decrease is expected to continue by a further 5 to 10%. The impact of this pandemic on the world economy is heavier than the impact caused by the financial crisis of 2008/2009.
Besides the COVID-19 pandemic, governments are also witnessing three other game-changers that will have far-reaching consequences for the configuration of a nation’s economy, welfare and security in the decade to 2030. These are the new industrial revolution, the policy shift towards more economic nationalism, and global sustainability trends.
These four game-changers are catalysts for a process of structural transformation of a nation’s economic and social productivity. If well managed, these may lead to more autonomy in productivity capacity, supply chain resilience and building regional and domestic value chains. Governments will have to focus on value-creating projects in food and agriculture, water and sanitation, renewable energy, infrastructure and health care. These sustainable value-creating projects have also the particular interest of institutional capital, as sustainability-themed funds in ESG (environmental, social and governance ) in global capital markets are growing rapidly.
Capturing these opportunities requires a shift in development strategies of governments, and the FEFP provides frameworks for governments to realize these opportunities.
The Forum on Economic and Fiscal Policy assists governments and ministries in re-balancing these strategies and implementing them. We assist governments and ministries in looking for solutions how to make their food and agricultural sector sustainable and value-creating, and less dependent on other countries. We advise governments in the challenging fields of health care, energy and infrastructure as how to make these fields sustainable, both from economic, social and political perspective. Our proposed solutions are not only based on the principle that there should be no dependency on other countries, they also take into account the important principle of international cooperation as sustainable development depends on a global policy climate that remains conducive to cross-border investments. Our models and recommendations to governments are designed from a macro-economic perspective and then implemented with a micro-economic perspective.
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