Think of the key sectors for reducing carbon intensity where both the public and private sector can invest. Many of these investments can lead to job-rich recovery-think of planting mangroves, land restoration, reforestation or insulating buildings. Governments can put in place public investments-and incentives for private investments-that support low-carbon and climate-resilient growth. We don’t need to wait.Īt the IMF, we see some tremendous opportunities.įirst, let me first talk about green growth. Provided that we concentrate on the key elements of a recovery-and act now. It is of paramount importance that this growth should lead to a greener, smarter, fairer world in the future. So, what would it take for historians to look back at this crisis as the moment of a Great Reset?įrom the perspective of the IMF, we have seen a massive injection of fiscal stimulus to help countries deal with this crisis, and to shift gears for growth to return. And there is a very high risk of more inequality and more poverty. One hundred and seventy countries are going to finish this year with a smaller economy than at the start of the year, and we already project that there will be more debt, bigger deficits, and more unemployment. Will historians look back and say this was the moment of a Great Reversal? Today, we see very worrying signs. And now is the time for all of us to define our own role. Now is the time to think of what history would say about this crisis. My thanks to His Royal Highness the Prince of Wales and to Professor Schwab for bringing us together. Kristalina Georgieva, Managing Director, IMF