As governments around the world confront a combination of economic, political, and climate-related challenges in 2023, political leadership is essential for building trust and implementing effective policies. The recent United Nations Climate Change Conference in Egypt reinforced the need for urgent action on climate change, and only governments can provide clear and enduring regulatory frameworks to help businesses achieve net-zero emissions. Building public support for climate change policies will require politicians to form coalitions across the political spectrum, reach out to communities and businesses, and innovate. In addition to the climate crisis, governments face an inevitable global recession that will require careful management to avoid exacerbating the US dollar's appreciation and triggering debt crises worldwide. Investments in education, research and development, infrastructure, and health are necessary to mitigate the economic disparities created by the pandemic, but higher taxes, particularly on property and carbon, may be required to pay for these investments. Addressing the massive social costs of the pandemic through targeted cash transfers, rather than broad subsidies that primarily benefit the wealthy, could help reduce poverty and inequality. Governments must also tackle perennial problems of waste and corruption in military procurement and arms sales to mitigate the increasing costs of global military spending, which surpassed $2 trillion for the first time this year. In order to attract the best talent, governments must proactively recruit top public-sector leaders and offer competitive compensation, as the public sector pay has fallen in many countries over the past decade.
Author: NGAIRE WOODS
Originally published on Project Syndicate on Dec, 23, 2021
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