y thanks to His
lead to a greener, smarter, fairer
Royal Highness
world in the future. It is possible to do this. Provided
the Prince of Wales and to
that we concentrate on the key
Professor Schwab
elements of a recovery—and act now. We don’t need to wait.
for bringing us together. Now is the time to think of what
At the IMF, we see some
history would say about this crisis.
tremendous opportunities. First, let me first talk about green
And now is the time for all of us to
growth.
define our own role.
Governments can put in place
Will historians look back and say this was the moment of a Great
public investments—and incentives
Reversal? Today, we see very
for private investments—that
worrying signs.
support low-carbon and climateresilient growth.
One hundred and seventy
THE
GREAT
RESET
In this issue, the Editor chose the remarks of Mrs. Kristalina Georgieva, Managing Director, IMF to World Economic Forum on June 3rd, 2020
countries are going to finish this
Many of these investments
year with a smaller economy than
can lead to job-rich recovery—
at the start of the year, and we
think of planting mangroves,
already project that there will be
land restoration, reforestation or
more debt, bigger deficits, and more
insulating buildings. Think of the key
unemployment. And there is a very
sectors for reducing carbon intensity
high risk of more inequality and
where both the public and private
more poverty.
sector can invest. I am particularly keen to take
Unless we act.
advantage of the low oil prices we
So, what would it take for historians to look back at this crisis
see today, to eliminate harmful
as the moment of a Great Reset?
subsidies and introduce a carbon price that would work as an incentive
From the perspective of the IMF,
for future investments.
we have seen a massive injection of
Second, let me talk about smarter
fiscal stimulus to help countries deal with this crisis, and to shift gears for
growth. We know the digital
growth to return. It is of paramount
economy is the big winner of this
importance that this growth should
crisis. But we must not allow the 9
E D I TO R ’ S P I C K
TOURISM
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