Micro-Activity #14: Continue Drafting the Annotations

Georgieva, Kristalina. “How to Rebuild the Global Economy.” TED, 2020, www.ted.com/talks/kristalina_georgieva_how_to_rebuild_the_global_economy?utm_campaign=tedspread.

The TED TALK interview titled “How to rebuild the Global Economy” features the speaker Kristalina Georgieva who is the managing director of the International monetary fund (IMF). The speaker is interviewed on questions relating to our current world economy and on how to rebuild from this crisis. The following is a summary of the most important points she made.

Georgieva begins by introducing herself and discussing her role in the organization (IMF). She also mentions, the financial assistance that the IMF has provided to different countries around the world.

Georgieva is asked about the massive stimulus package developed in countries around the world and if they are a wise idea. She answers, that is necessary for financial injections to be used during this crisis because the economy is at a standstill. She adds, if this approach is not used firms will go massively bankrupt and unemployment will exponentially increase.

The interviewer asks Georgieva if anything was learned from the 2008 financial crisis. She answers, that the financial system has to be tested and then strengthened to withstand shocks. She says that most countries did learn from that experience and built resilience to future economic shocks, like the one we are facing today.

The following question asked was, what is happening with poor developing countries and what is being done to provide them extra help. She says. That the IMF is paying special attention to the poorest countries and they developed a debt moratorium to help these countries not to feel suffocated during this crisis.

An audience member later asks, what should we do as citizens to help renewal and recovery? She answers, that at this moment it is important to bring solidarity and to lean on each for support.

Later on, she is asked on her opinion on countries that are led by female leaders, she replies that they are great leaders and that we need more women in charge. But she also clarifies that at this moment we need the help and experience from men and women to help us overcome this crisis.

The questions continue, she is then asked what lessons did she learn from her past experience until this moment? She says, the first thing is to know how critically important it is to be prepared for a crisis. Second, is collective action, seeking help, and asking for help. Third, we don’t know our internal strength until we are hit.

The following question is asked, what steps IMF is taking to help countries move forward from this crisis? She explains that IMF has three unique steps. The first, is to give a good diagnostic of what’s happening and what is the way forward. Second, is what they are known for and that is being the financial first responders. Third, is to help countries have the capacity for good policies. After a financial crisis they help many countries have good debt management.

Another audience member asks, what do you see as a potential positive change coming from this financial crisis? She answers that she hopes to see fiscal policy to help countries to be prepared towards a green recovery and a more equitable recovery. Secondly, she hopes people can integrate what they learned in this crisis in terms of virtual work. Third, she hopes for universal access to health in some form and for strong health systems.

The final question asked is, if she could inject one idea into the mind of everybody/or to world leaders, what would that idea be? She answers, “Optimism, build a better world. Possible, desirable, we must do it.”

I very much enjoyed this interview because the speaker is very knowledgeable and optimistic about the future of the world economy. Listening to this interview gave me a sense of relief to know there is hope for global economy to recover . I think it is extremely important for countries to help each other during this crisis. This is why I agree when she said that we should lean on each other for support.  She states, “Well, it is incredibly important for all of us citizens — and aside of being the head of the IMF, I am also a global citizen — that we are to bring that notion of solidarity in a moment of crisis. I loved the way this segment was musically backed, and it was “Lean on Me.” It is very important that we do create that sense — “we are in this together, we will get through it together.” (Georgieva, 17:51). She speaks in a very caring and compassionate way and this helps her gain support and likeability from her audience. It also encourages the audience to act with care and compassion towards humanity.

I also agree with the point she made about stimulus packages being important and wise tools to use during this economic crisis. Georgieva states, “It is a necessity, and you don’t hear the Fund often telling countries, “Please, spend. Spend as much as you can.” And that is what we do now. We do add to that, “And keep the receipts. Don’t lose accountability to the citizens, to the tax payers.” The reason financial injection is necessary, these fiscal measures of almost nine trillion dollars are necessary, is because when the economy is standing still, unless there is help, unless there is monetary policy stimulus, firms are going to go massively bankrupt, people would be unemployed, the economy would be scarred. When we go to the other side, this scarring is going to make the recovery much more difficult.” (Georgieva, 3:57). I support this statement because we are facing really hard times. I believe if the aid from the stimulus package was not available, we would be in a far worse condition from where we are now.

The genre used is an interview style. I believe that the speaker is trying to communicate with the discourse communities from advanced countries. She is doing this to try and unite countries to come together and help each other out.

Georgieva is a reliable source because she is the managing director of the International Monetary Fund (IMF). The international monetary fund is an organization that was established to ensure stability of the monetary and financial system. It helps to resolve financial crisis. Aid is provided to the countries who are members of the IMF. This organization works with different countries from all over the world. This why I believe is a reliable source.

Murphy, Dan. “Business Leaders Call for Urgent Reforms as Global Economy Faces Its ‘Worst State in a Century’.” CNBC, CNBC, 5 Oct. 2020, www.cnbc.com/amp/2020/10/05/business-leaders-call-for-reforms-as-global-economy-faces-worst-state-in-a-century.html

This newspaper article from CNBS reports on a meeting that was held by the Business Twenty group (B-20) on October 5, 2020. The B-20 is an engagement group that seeks to represent the voice of the global business community. In this meeting the B-20 made 25 policy recommendations for the G-20 group. The G-20 group is a collection of 20 of the largest economies formed in 1999. These 20 countries account for 85% of the global GDP. Recommendations given by the B-20 fell into 3 key areas, empowering people, safe guarding the planet and shaping new frontiers.

Policy ideas under the “empowering people” category had 10 recommendations that aimed on accelerating efforts to empowering women and youth, and policies to build workforces resilient to technological, health and economic risks. The meeting also called for larger financially sustainable development and economic diversification. The B-20 called on the G-20 to strengthen the investment system and trade between countries by suspending import tariffs an trade barriers.

Three policy recommendations were made on “safe guarding the planet”.  The B-20 group advised G-20 leaders to commit to carbon neutrality during the second half of the century and to start speeding up these policies to execute them.

Under the area of “shaping new frontiers” 12 more recommendations were made. The B-20 recommended focusing on the future of financial technology like for example mobile banking apps, and to implement utilizing technology, to manage risks related to corruption and fraud.

More policy recommendations relating to digital infrastructure were made. For example, the use of 5G, known as the next generation of wireless technology. Other recommendations made included the implementation of artificial intelligence (A.I.), and also the use of the internet to control home appliances and cars with the use of an app.

The B-20 meeting concluded by saying that implementing the recommendations will safeguard stability in the short term and can raise the level of the global GDP by more than four percent in the long run.

This news article from CNBC was informative and straight to the point.  I agreed with most of the ideas that were presented by the B-20 group. A policy recommendation that caught got my attention was under the “safe guarding the planet” key area. The B-20 wants to implement the use of carbon neutrality which means balancing or eliminating carbon dioxide. This is a great idea because it can produce jobs and boost economic growth, but most importantly save the planet.

The recommendation of focusing on new technology is a really great plan to help boost the economy. The future of the world is technology and if new products are introduced these can help maintain and create new businesses. It can help diverse business sectors grow such as entertainment, finance and health.

The genre used is a news article. The writing style was simple and it provided factual information on current economic news. Like other business articles, this one was dry and direct.  The author intended this article for business communities and for individuals who have interest in the financial and business sector. This genre style does make senses because the author is not trying to persuade anyone. He is only reporting factual information. This is a credible source because the article was posted on the CNBC website. The CNBC organization stands for Consumer News and Business Chanel and they report on current global and domestic news.

“Business has its share of responsibilities to honor and a substantial role to play in building back an economy that is socially inclusive and environmentally sustainable,”

“Our planet is under greater pressure than at any point in human history,” the group said.

“It also said each of the policy recommendations contribute to the advancement of the United Nations’ sustainable development goals — which if also reached, could bring market opportunities worth $12 trillion and create 380 million new jobs.”