As the mystery of COVID-19 is yet to be fully uncovered, the importance of microbial and sustainability education has never been more demanding.
It is not surprising that global leaders are eager to jumpstart their respective economies and reclaim their top spot as economy behemoths. However, what is disturbing are the policies they are likely to adopt in revamping the economy. World organizations such as the United Nations (UN) and the International Monetary Fund (IMF) has bemoaned the downward spiral of the economy. As global leaders rally round to implement policies of equality and solidarity, their national counterparts have relegated to nationalism and protectionism. These leaders have hinted at the possibility of uplifting environmental protection laws, banning immigration, and implementing border closure in the guise of emergency responses to the pandemic. According to estimates, if current conditions persist, global economic growth could be reduced to 2% per month and global trade could also fall by 13% to 32%. The International Monetary Fund (IMF) propounded that government expenditures and revenue measures adopted through mid-April 2020 amounted to $3.3trillion, while loans, equity injections, and guarantees totaled an additional $4.5 trillion. Consequently, the IMF estimates global governments' borrowing to increase from 3.7% of Gross Domestic Product(GDP) in 2019 to 9.9% in 2020.
Strategies have been put in place by both developed and developing countries to tackle these economic challenges. The Federal Reserve has adopted and implemented policy measures never taken since the 2008-2009 global financial crisis to confront the economic effects of COVID-19. These measures include; quantitative easing, discount window, and reduction of reserve requirements. Also in other countries, central banks have cut down interest rates, reduced bank reserves ratios, relaxed capital buffers, and injected huge liquidity into capital markets. However, policymakers are in a dilemma of tackling short-term economic restraints in a bid to avoid mortgaging long-term environmental impacts of Post COVID-19. If caution is thrown to the wind, the world could see itself backdating to the Industrial Era after COVID-19. The deplorable state of living conditions, rising inequality, and environmental pollution that characterized that era could become our reality in Post COVID-19 Era. This reality can only be avoided if we stick to our trajectory of sustainable development amidst the assault of the COVID-19 pandemic.
As the economy and health sector face a steep decline from the menace of COVID-19, governments are unduly pressured to rescind their commitment to achieving the Sustainable Development Goals. The challenge of achieving these goals and Agenda 2030 has never been more imminent and pressing. More so, the credibility and solidity of our multilateral structures are brought to question by the pandemic. However, this is not the time for us to lose focus and derail from the path of sustainability. On the contrary, our present crises should give us more reasons to strengthen multilateral agreements, remain steadfast, and advocate for sustainable development. The onus doesn’t rest entirely on global leaders alone, but also on individuals in our quest for a sustainable future.
Best Regards
The Green Team.