Reviving and Reorienting Growth after the Pandemic: The Role of Local Infrastructure Investments

Author
Nicola Bilotta
Content Type
Special Report
Institution
Istituto Affari Internazionali
Abstract
The last decade has witnessed a progressive change in what had long been considered global priorities for achieving growth. The global financial crisis of 2007–2008 and the following European sovereign debt crises of 2011–2012 have brought to light important pitfalls in the functioning of globalized financial markets. Trade and financial liberalization policies have at times caused severe strains in some communities, raising concerns over the effects of rapid increases in international integration. Environmental and social risks have come to the forefront of the policy debate. The COVID-19 pandemic has brought enormous challenges to what was the normal way of living. All these events have had far-reaching consequences on the global economy. Currently, the world is facing at least three major shocks that are affecting health (COVID-19), prosperity (the recession) and the planet (climate change). These have been chosen as the three keywords for Italy’s G20 Presidency. These shocks are different in nature and have very diverse effects across countries, regions and municipalities. This calls for differentiated and targeted responses that take into account the specific needs of individual communities.
Topic
Climate Change, Infrastructure, G20, Economic Growth, Investment, Integration, COVID-19
Political Geography
Europe, India, Vietnam, Philippines, United States of America, Congo