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This report analyses the state of the world economy, a year and half after the Covid-19 outbreak was declared a pandemic by the World Health Organization. The first part of the Report outlines key macro-financial aspects of the global economy, focusing, in particular, on the prospects for a growth recovery while analyzing possible threats from public and private debt, from inflationary spikes as well as from a return to the policies of the past. It pays particular attention to the situation of developing countries in the system of global finance, and discusses issues of debt sustainability. As this year marks its 40th anniversary, the Report also revisits the analyses provided in previous editions in response to shocks, setbacks, and crises that have hampered development during the era of hyperglobalization and underscores its abiding call for an inclusive global economic governance. The second part focuses on climate adaptation. It calls for a transformative approach to climate adaptation, with large-scale public investment programmes to adapt to future as well as current threats, and green industrial policies to drive growth and job creation. It also details reforms of the international financial system needed to get more climate adaptation funds flowing to developing countries.

Finance and Development, December 2015

Finance and Development March 2016

This book stems from a four-year experience of a Training Programme addressing members of several Chinese governmental Institutions which, given the moment of extremely intense and fast development of their country, consider the issues of environment and sustainable growth among the foremost priorities. In particular, they expressed the need and will to develop policy and mana- ment tools that could lead to a strategy of sustainable growth from an economic, social and environmental point of view. The Programme turned out to be a success (it involved, up to June 2007, more than 2000 trainees from almost all the Provinces of China) precisely because the forces that answered those needs are extremely diverse as to include the academia, national and local governments, public institutions, private companies and international agencies. Following this feature, the book's contributors have been selected among more than 300 professors, researchers, policy makers, and entrepreneurs involved in the Training activities, thus offering different approaches to the key questions of environmental management.