The highly asymmetric impact of the pandemic has reinforced historical inequalities within and between countries and is now giving rise to a highly divergent recovery. Technological change has accelerated through the crisis, contributing to additional labour market polarization. At the same time, long-term growth prospects remain subdued, following pre-crisis trends. In addition, future shocks will arise from frontier risks with unknown likelihoods and impacts for which many governments and societies are not currently well prepared. The disruptions faced by societies and the global economy today require an economic transformation of unprecedented depth and scale.