Amid warnings from the World Bank about slower growth in 2023, global economies are grappling with significant challenges. As sluggish growth becomes a pressing concern, policymakers and economists are exploring ways to navigate these turbulent times, reshape globalization, and bolster the world economy.
Yao Yang, dean of the National School of Development at Peking University, emphasizes the importance of collaborative efforts among major economies. “We need to foster cooperation to address the current economic slowdown and find innovative solutions to reinvigorate growth,” he notes.
Similarly, Mari Pangestu, professor of international economics at the University of Indonesia and former managing director at the World Bank, advocates for renewed globalization strategies. “Reshaping globalization is key to unlocking new opportunities and fostering inclusive growth across nations,” she asserts.
One focal point is how China can maintain its economic momentum and continue to serve as a driving force for global growth. With its significant role in international trade and investment, China’s strategies may offer valuable insights for other nations facing economic headwinds.
In an age of uncertainty, the responsibilities of major economies become even more crucial. By strengthening cooperation and embracing innovative approaches, there is potential to navigate the challenges ahead and lay the groundwork for a more resilient global economy.
Reference(s):
Live: Embarking on a new era of global financial integration
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