Recovery from the global economic crisis has begun, but the crisis has most likely caused a drop in potential output. The higher-than-normal growth that follows most recessions should not be expected this time. Sustaining the recovery will require two delicate rebalancing acts. First, countries...

The COVID-19 pandemic is imposing economic and broader development challenges as never before. Policy lessons from Asia and the Pacific's past experience in dealing with shocks show that focusing on economic growth alone is not enough. Rising inequality and environmental challenges increased the...