Economic Growth Is Essential. So Is Resilience.

Policy makers have long tried to foster rapid economic growth. But as we shape our post-pandemic economy, we also need to strengthen our economic resilience both in America and around the world.

In recent years, the global economy has become more and more vulnerable to supply shortages and price shocks. The coronavirus pandemic led to severe supply-chain disruptions as economic activity recovered from the fastest drop in global commerce on record. Russia’s immoral war in Ukraine has created turmoil in global energy markets and spikes in the prices of other commodities.

Experts expect periodic supply shocks to become more frequent. Climate change produces an acceleration of extreme weather events, with longer and more intense disasters potentially sidelining a greater number of farms and factories. These disruptions will affect workers, businesses, and households across the economy.