Challenges to Global Economic Governance in the COVID-19 Era and Beyond

The last decades have been marked by the rise of numerous challenges to the global economic order. These include, among others, the crisis of multilateral institutions, the socioeconomic effects of technological progress and digitization, increasing gender and income inequalities, unsustainable development, and the emergence of new economic powers. These challenges have led to an enhanced debate on the efficiency of governance mechanisms of global economy and their potential reform. Today, global economic governance is at a crossroads, and despite its ongoing transformation, the emerging economic order does not cease to appear unsettled and diffused. Furthermore, the ongoing pandemic increased the level of uncertainty in the world economy and contributed to a partial reversal of the processes of global economic integration – a process often referred to as deglobalization, which in effect disturbs global trade, financial and development governance. Given the above, the section traces the causes of the transformation of global economic governance, its manifestations as well as assesses implications of current developments. In particular, the section aims at addressing the impact of the COVID-19 pandemic on the efficiency of multilateral global economic governance mechanisms. By looking at multiple challenges to global economic governance, the panel aims at providing a multidisciplinary analysis contributing to the debate on the crisis of multilateralism in global economy as well as the growing levels of inequality and uncertainty in the global system. As the concept of global economic governance constitutes an important contribution to the study and subject matter of international relations (International Political Economy in particular), the debate in the section seeks to add to a better understanding and conceptualization of the ongoing transformation of multilateral global order. By addressing multiple challenges to global economic governance, the papers in this section will contribute to a better understanding and conceptualization of such concepts as equality, diversity, and inclusion within the governance of the global economy. Possible topics discussed within panels in this section might include evolution of global economic order, power shifts in global economy, WTO reform, international financial system, crisis of multilateralism in global economic governance, dimensions of inequality in global economy, regional and plurilateral arrangements in global economic governance, as well topics from the broad area of the IPE problematique.