World Competition Day 2021: Towards an Inclusive and Resilient Economy

Every year on the 5th of December the global community observes World Competition Day. This year, like the previous years, the Competition and Consumer Authority joins the rest of the world to observe this important day. The theme this year is, ‘’Competition Policy for an Inclusive and Resilient       Economy.’’ The organisers couldn’t have selected a more apt and relevant theme.

The Covid-19 pandemic has imposed serious developmental challenges to most economies. We have all witnessed massive job losses across the sectors, millions of people face the spectre of reduced income while many more do not have access to social protection facilities anymore. The consequence of all these is that some of our family members and neighbours have been thrown into a cesspool of poverty; social inequalities are widening by the day.

These challenges will require robust strategies that will improve the resilience of economies. There can never be any denying that the old mould that churned out impressive gross domestic product (GDP) growth figures amidst alarming figures of poverty and social inequalities ought to be discarded. There is now a greater demand for policies that are inclusive and resilient in order to take the world economy beyond the debilitating damages of Covid-19.