Ways for a strong comeback in the global economy

The world's prominent international organizations, including the Group of 20 (G-20), have focused on how to help build a stronger return for the post-global pandemic period and ensure that the world economy recovers faster after the impact of the coronavirus.

The "return" efforts have triggered a global call for green recovery where the good governance rules are more valid and the institutionalization will gain more speed. In this context, it is worth reiterating the new-generation economic reforms announced by President Recep Tayyip Erdoğan that refer to "green growth, energy and technology" and "institutionalization" in both private and public sectors.

Having said that, as the first year of the pandemic is behind us, it can be said that Turkey showed a miraculous success in the economy and further strengthened its position in the global supply chain and tourism industries, which were widely affected by the pandemic. In the meantime, the country's agriculture and manufacturing industries have also managed to continue their production.

The healing of the wounds for tourism and other hospitality industries requires strong global mobility as we adjust to the new "normal."

However, it may not be possible to build a solid return if the "vaccine passport," which has been introduced to the international agenda by some countries, turns into a global competition in terms of "my vaccine" and "your vaccine."

In other words, the implementation of the vaccine passport should definitely not turn into an implicit obstacle that would adversely affect global mobility and international travel activity.

Otherwise, Europe's practices to save its own tourism regions will fuel new drawbacks and discussions in terms of global cooperation.

Another issue is "green recovery." At this point, it seems difficult at first to expect big steps from the public on a global scale because the ratio of the global public debt to the global gross domestic product (GDP) increased from 84% to 98% only in 2020 due to the global pandemic.

In this case, investments that will be made to reduce the carbon emissions of countries will definitely have to be rewarded.

To give an example, when a country reduces its carbon emissions by 10%, this success should be reflected in the costs of that country's large renewable energy investments as a 1-point rate cut in dollars and euros through a global funding mechanism supported by a private sector finance system.

Therefore, on top of being a think tank, the Organisation for Economic Co-operation and Development (OECD) is now a "do-tank" in which ideas and solutions come to life. The OECD supports and encourages the processes where the solutions are realized.

It is a privilege that, as Turkey, we will be one of the countries that will make the most significant contributions for a strong comeback.