Build Global Economic Recovery

The world is neither achieving its goals nor addressing humanity’s biggest threats because of insufficient financing. A more ambitious development finance system – comprised of aid, financing from multilateral development banks (MDBs), private capital, domestic resources, and philanthropic capital – is needed to make the sort of big bets that can achieve local, national, and global goals.

Much of today’s development finance system was established in 1944 in response to the 20^th century’s world wars.

For decades, the system helped support the growth that enabled Europe’s recovery and Asia’s rise and helped billions climb out of poverty.

Yet in recent years, that system has struggled. The difficulties have been due in part to the nature and scope of today’s current crises, which like climate change and Covid-19 have affected every country simultaneously and which have in many cases unwound previous progress. The institutions have also been held back by their own layers and layers of obsolete rules and procedures. Despite good intentions and good work, they are falling short.

The Rockefeller Foundation’s Global Economic Recovery team is working with a broad alliance of nations, institutions, and individuals to strengthen and augment those systems. We are also focused on building a global financial architecture that can mobilize substantially more, and better quality, financing.

What happens on global economic reforms next will signal the world’s willingness—or lack thereof—to address today’s crises with a focus on long-term gains rather than short-term payback. Without imminent action in 2023, the promise at the core of the global economic order may be broken for good. But with the right agenda, the system can be restored and revitalized enough to meet the rest of the 21^st century’s challenges and opportunities.