Despite the surprising speed of recovery early on, we are still very far from a strong labor market whose benefits are broadly shared. Employment in January of this year was nearly 10 million below its February 2020 level, a greater shortfall than the worst of the Great Recession’s aftermath (figure 5).
While it is necessary to add to the pace of growth, it is also equally important to minimize the risks of instability, and the experience shows that more than desirable pace of financial liberalisation was often followed by financial instability and crises. Avoiding crises is ultimately a national responsibility.