US Launch Strategy to Revitalize Global Economy

The United States has launched a strategy to mobilize its vast resources to support the global economic recovery following the Covid-19 pandemic.

The Global Economic Activity and Recovery (Gear)* strategy from the U.S. Department of State will support this broader effort by enabling food security and food trade, deploying financial tools for economic recovery, supporting U.S. exporters and investors abroad, and helping to restore international transportation and travel.

“Our goal is to balance the U.S. economy aiming for rapid growth and stimulating economic recovery that will directly benefit our citizens and the rest of the world,” said Sarah Weber, senior advisor at the Bureau of Economic and Business Affairs of the State Department.

The United States has been leading the global fight against the Covid-19 pandemic, allocating over $12 billion for global health security initiatives; developing vaccines, therapies, and diagnostics for Covid-19; humanitarian aid; and emergency preparedness.

As a global leader in innovation, the United States is also well-positioned to stimulate economic recovery. The World Intellectual Property Organization, in its 2020 Global Innovation Index report**, ranked the United States among the three most innovative economies.

American innovation, along with support from the U.S. government, has played a key role in the development of two Covid-19 vaccine candidates that appear highly effective in clinical trials for preventing infections.

According to the Gear strategy, economic recovery decisions will depend on evidence-based analyses regarding the damages caused ​​by the pandemic. The United States will work with industry and international partners to implement measures such as health screenings, testing, and social distancing in travel centers, airports, and airplanes.

The pandemic has also revealed risks of over-reliance on a single country for essential supplies, such as medical or telecommunications equipment, U.S. officials say. The Gear strategy supports existing efforts in the U.S., such as the Clean Network, and U.S. warnings that partner nations cannot rely on untrustworthy fifth-generation telecommunications suppliers ​​from China, like Huawei, which pose significant security risks.

Through the Negotiation Teams initiative, the U.S. government coordinates the efforts of 14 U.S. agencies to support American businesses and investments abroad aimed at bolstering the economic and development goals of countries.

“We must diversify global supply chains by prioritizing investment both domestically and in other countries where the rule of law is respected and where institutions are accountable ​​to citizens and consumers,” say officials from the State Department*. “We are regularly engaging with our allies and partners to discuss these imperatives and ensure we are working together to address the challenges of the global supply chain.”