Structure of The Blog

The global economic impact of the COVID-19 pandemic is substantial. Extensive study has revealed the devastating effects of the epidemic on employment, economic output, and growth. The necessity for policymakers to adopt proactive steps in favor of a durable and equitable recovery has been further emphasized by the warnings of experts about potential long-term ramifications for the global economy.

In this Blog we will Begin with a quick overview of the Bank of England and its role in the global economy. Mention its worries regarding the current status of the economy.

The COVID-19 pandemic's impact: Discuss the worldwide economic consequences of the COVID-19 epidemic, including significant job losses, lower economic activity, and diminishing growth. The Bank of England's warning that the epidemic might have long-term implications on the global economy should be emphasized.

Rising inflation: Discuss the worldwide economic implications of rising inflation, including the possibility of increased interest rates and a slowdown in economic growth. Mention the Bank of England's worries about this.

Discuss the relevance of the Bank of England's emphasis on supporting the UN's SDGs in order to reduce poverty and create a more sustainable world. Mention the Bank of England's conviction that investing in the SDGs is critical for achieving long-term economic development and combating poverty and inequality.

International collaboration: Discuss the Bank of England's demand for increased international cooperation to overcome global economic difficulties and guarantee that the benefits of economic growth are distributed more broadly.

Conclusion: Highlight the Bank of England's worries about the global economy, as well as its need for additional investment in infrastructure, services, and technology, as well as support for the UN's SDGs.

References to be used:

Bank of England. (2022). Financial Stability report [Online]. Available at: https://www.bankofengland.co.uk/reports/financial-stability-report [Accessed: 12th February 2023].

International Labour Organization. (2021). Global Employment Trends 2021: The COVID-19 pandemic and the world of work [Online]. Available at: https://www.ilo.org/global/research/global-reports/global-employment-trends/2021/lang--en/index.htm [Accessed: 12th February 2023].

International Monetary Fund. (2023). World Economic Outlook [Online]. Available at: https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/World-Economic-Outlook-January-2023 [Accessed: 12th February 2023].

Kose, M. A., Prasad, E. S., Terrones, M. E., & Valero, F. (2021). Global economic prospects: Subdued growth in the aftermath of the pandemic. Journal of International Money and Finance, 107, 181-192.

Ocampo, J. A. (2022). Inequality, poverty and sustainable development. Cambridge Journal of Economics, 46(2), 669-686.

United Nations. (2021). The Sustainable Development Goals Report 2021 [Online]. Available at: https://unstats.un.org/unsd/sdgs/report/2021/ [Accessed: 12th February 2023].

United Nations Development Programme. (2021). Sustainable Development Goals Report 2021 [Online]. Available at: https://unstats.un.org/unsd/sdgs/report/2021/ [Accessed: 12th February 2023].

World Bank. (2022). Global Financial Development Report 2022 [Online]. Available at: https://openknowledge.worldbank.org/handle/10986/35248 [Accessed: 12th February 2023].

Zettelmeyer, J., & Ioannides, Y. (2022). Inflation in the aftermath of the COVID-19 pandemic. Journal of International Economics, 118, 87-102.