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Memo to the G7: Your Economic Stability Goals Won’t Be Achieved Without Women
March 8, 2022
Germany has taken the reins of the Group of Seven (G7) nations this year and put forward a five-goal agenda under the banner: “Progress towards an equitable world.” One of the goals is “Setting the course for economic stability and transformation.”
That objective recognizes worldwide economic fragility, as economic losses are expected to reach $13.8 trillion through 2024 relative to pre-pandemic forecasts. The world faces supply-chain uncertainty, persistent unemployment, rising prices, food insecurity, and widening inequality, along with mounting sovereign, corporate, and individual debt. Meanwhile, Russia’s invasion of Ukraine is a reminder that geopolitical risks further threaten economic recovery. At the same time, however, the objective acknowledges the transformational opportunities in climate action and the just transition—a set of principles aimed at building an inclusive and regenerative economy. As it is, delivering on this goal will be difficult, especially in the developing world, where the pandemic’s toll was fierce, the recovery has been slow, and where climate change is disproportionately impacting the already vulnerable (while there are fewer resources for adaptation and mitigation).