The global policy response to the crisis, thanks to the close international cooperation that the G20 strongly promotes, has already obtained important results. The joint action of fiscal and monetary policies has avoided a generalized tightening of credit, averting the risk of a spiralling crisis.
It has attenuated the impact of the emergency on the corporate and household sectors, preventing the destruction of viable physical, intangible and human capital. It has also been key in directing resources to strengthening health-care infrastructures, including for the development of vaccines. Thanks to the policy support and the vaccination campaigns, the recovery is now gaining strength. Economic forecasts are being revised upward.