The UK government should allocate priority to sustainable ventures to design employment opportunities and boost the recovery of the economy from the crisis caused by COVID-19, says the Chief Economist of the International Monetary Fund.
The economic advisor to the IMF, Gita Gopinath, noted that increasing unemployment caused by the crisis of coronavirus would demand rapid intervention to avoid long-term harm and the investment in low-carbon initiatives could be used in reaction to the crisis.
Boris Johnson announced initiatives to invest in infrastructure worth £5 billion this week, namely schools, bridges, roads, and hospitals to reboot the economic activities of the UK. Boris Johnson was, nonetheless, attacked for failing to invest further or to focus on sustainable initiatives.
Gopinath stated that countries were unable to do anything other than to counter global warming and had a chance to do that in reaction to coronavirus.
In his speech, Gopinath spoke with Laurence Boone, the chief economists of the OECD, along with economists from the leading global institutions.
Gopinath stated that ministries should take note of a potential rise in the benefits of unemployment. Boone has stressed the importance of revising social security policies and raising funds for training to benefit workers.
As per a report issued on Thursday by the Institute for Public Policy Research, engaging in sustainable economic growth could produce as much as 1.6m additional jobs in England as the crisis of coronavirus dies down.
Rishi Sunak, a Chancellor, stated in the report that three-quarters of the adult generation thought that the government must invest more in the struggle against global warming by prioritizing the development of new low-carbon occupations.
The IPPR cautioned that unemployment would increase up to 2.1million to almost 10 percent of the population of the workforce if the government fails to perform any action.