Only way out of Covid-19 will be economy that fights inequality: Macron

French President Emmanuel Macron (AP Photo/Francois Mori)

The world will get out of the COVID-19 pandemic only with an economy that fights inequality, French President Emmanuel Macron said on Tuesday while asserting that the economy of tomorrow has to be one that thinks about innovation and humanity.

Speaking at the online Davos Agenda Summit, Macron also said, "Let's not forget that the target should always be to build the good life with all its advantages and with the will of respecting the other."

In conversation with the WEF Founder and Executive Chairman Klaus Schwab, the French President said, "We will get out of this pandemic only with an economy that fights inequality."

He said societies are transforming as a result of the current health crisis and emphasised the importance of saving lives during a pandemic.

More than 73,000 have died in France due to the COVID-19 pandemic. While over a million people have been vaccinated in France so far, the country is currently not in a national lockdown, unlike many of its European neighbours. It has instead imposed tighter border controls and a 12-hour-a-day curfew.

"The economy of tomorrow needs to think of innovation and humanity and has to build competitiveness alongside climate considerations," Macron added.

Macron further said capitalism has resulted in stark inequalities and urged companies to play an active role in fighting inequalities within society and also take responsibility for mitigating the impact on climate change.

"A lot more needs to be done to live up to the commitments made to protect our planet," he said.

Talking about the power of Artificial Intelligence technology and quantum computing, he said these developments will completely change industries and capacity to solve problems including the climate crisis.

But, at the same time, technology can have a negative impact on societies and democracy, he cautioned.

Macron said, "What is happening around us can change things deeply. Having that said, it means that we cannot build anything in the post-COVID world without reaping the benefits and learning the lessons from what we have experienced."

He said societies are vulnerable and nature is reminding everyone of that fact.

"We are vulnerable to pandemics, climactic events, and so on. And so the economy of tomorrow needs to be strengthened by these lessons," Macron told the Summit.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel