Shutting down tax havens and cancelling debts could pay for the pandemic and more – if countries work together
Covid-19 has hit the global economy hard. Governments around the world have already injected $11tn in fiscal measures to keep the economy afloat, and the United Nations’ conference on trade and development (Unctad) calculates that low-income countries will require an extra $2.5tn immediately to prevent economic collapse. Failure to address the economic fallout will have devastating consequences.
In answer to the big question, how are we going to pay for this, I say: we need a global response and it needs to be progressive. I recently outlined 10 possible ways to raise $9.457tn a year over the next decade, enough to not only cover the costs of the pandemic but also to meet the investments required to address the other social and environmental crises we face.