On August 5, at 11:00 am Moscow time (GMT + 3), the Valdai Discussion Club and the Indian Observer Research Foundation (ORF) held a webinar, titled "The World Economy after the COVID-19 Pandemic".
Amid the current atmosphere of uncertainty and unpredictability, where the debate about the post-Covid world order has flared up time and time again, the situation in the global economy hasnt proven to be any more promising. It affects every country throughout the world, including Russia and India. In the face of the global recession caused by the pandemic, the fault lines between globalisation and uneven development have become more apparent. The economic rivalry between the United States and China, which began years before the pandemic, will only intensify, and the centre of gravity of this rivalry will increasingly shift towards the development of new technology; this rivalry will no longer be limited to the two largest economies in the world. Any rivalry between China and its competitors will make it even more difficult for countries that are economically dependent on China to make their choices.
The pandemic has revealed the fragility of global value chains, and nations will have to prepare for the changing nature of the global economy. India and Russia will also have to make difficult choices regarding their future plans. How is India realising its dream of becoming a $ 5 trillion economy? Does Russia believe that its economy, based on natural resources, will continue to deliver the desired results at the global level? How realistic is the possibility of a fundamental shift in global economic processes as a result of a pandemic? And what does this mean for multilateral economic institutions? The webinar participants answered these and other questions.
The Observer Research Foundation is a long-time partner of the Valdai Discussion Club. This webinar continued discussions on the international trends which were addressed at the first webinar on bilateral relations in May, but this time with an emphasis on economics.
- Lydia Kulik, Head of India Studies at the SKOLKOVO Institute for Emerging Market Studies, Moscow School of Management SKOLKOVO;
- Annapurna Mitra, Research Fellow and head of the Green Transitions Initiative at ORF's Centre for New Economic Diplomacy;
- Ritika Passi, Research Fellow, ORF;
- Mihir Swarup Sharma, Senior Fellow, Head of the Economy and Growth Programme, ORF;
- Alexey Zakharov, Research Fellow, Centre for Indian Studies, IOS RAS.