Economic resilience has emerged as a priority in response to the devastating impacts of recent system-wide crises,
including the COVID-19 pandemic, but also the Global Financial Crisis of 2007-09, both of which will continue to leave
lasting scars on our economies and societies.
As countries begin to overcome this crisis through a combination of vaccine rollouts, ongoing containment and fiscal
support measures, policymakers are increasingly looking to strengthen resilience to future shocks as an integral part of
“building back better” after the pandemic. No two crises will ever look the same, but it is critical to learn the
lessons in order to:prevent the build-up of potential vulnerabilities;prepare to absorb shocks when they occur; andbuild in the ability to engineer a swift rebound.
The G7 has the potential to play an important role in helping to develop a common understanding of how global
interconnectedness and openness have both contributed to and challenged economic resilience. The 2021 United Kingdom
Presidency of the G7 has convened a Panel on Economic Resilience, which will report to the G7 Leaders Summit in June.
A new OECD report, Fostering economic resilience in a world of open and integrated markets: Risks, vulnerabilities and areas for policy
action will inform the Panel’s discussions to help build consensus around safeguarding the delivery of global public goods and
shape incentives for long-term resilient, inclusive and sustainable economic growth. The report will be published on
Tuesday 23 March at 15:30 CET.