As Covid-19 continues ravaging the world, the international landscape and the global governance system face profound changes. This most serious pandemic in a century has revealed four global deficits.
First, the health deficit. Covid-19 has spread to more than 210 countries and regions, affecting more than 7 billion people, infecting over 13 million people and claiming over 560,000 lives. It is the gravest global public health emergency after the Second World War. It poses severe challenge to the safety and health of mankind, and requires the joint response of the international community.
Second, the development deficit. This pandemic has resulted in a severe recession in the world economy. International travel and trade are disrupted by restrictions and the global industrial chain is under severe strain. The IMF and the World Bank predicted respectively 4.9% and 5.2% contraction in the world economy this year. How to achieve economic recovery and continued growth is a daunting task for all countries.
Third, the peace deficit. The pandemic has aggravated the severe challenges from incessant regional conflicts and wars, raging terrorism, and grave humanitarian crisis. People in many countries, especially children, are still suffering. World peace, security and stability are under grave threat.
Fourth, the governance deficit. The pandemic has revealed the weak links in the global public health governance system which is in need of urgent improvement. Surging protectionism, unilateralism and anti-globalisation, and politically motivated labeling attempts are eroding international solidarity and undercutting joint response to the pandemic. They also pose grave challenges to the global governance system and multilateral mechanisms.