Calls are rising to address the lingering income and wealth disparities that intensified COVID-19's spread and are now deepening within and between countries.

As the world commemorates the one-year anniversary of the global coronavirus pandemic, calls are raising to act now.

The pandemic is still going on. However, the global economy is improving – though unevenly. The Organization for Economic Co-operation and Development raised its global growth estimate for this year to 5.6 percent this week. Declaring vaccination rollouts and trillions of dollars in government fiscal stimulus as factors for reviving economies. But what seems like a healthy pre-pandemic economy for some nations, may not suit everyone else.

Pandemic has taught us that long-standing economic imbalances – embedded in institutional racism, sexism, corruption and greed – accelerated COVID-19's spread. Today, as some countries recover from the impact of COVID, others slip further behind, disparities are widening both within and between countries.

Low interest rates in the US have inflated asset prices, making the wealthy even wealthier. Meanwhile, unemployed Americans who lost their jobs as a result of the coronavirus restrictions are lining up at food banks and facing an ongoing crisis.

More assistance is on the way for them, as President Joe Biden's $1.9 trillion stimulus package was approved by the US Congress on Wednesday. However, the assistance is for COVID-19 relief and not a solution for the economy's ills.

The global economy does not belong only to the elite, mediocres and destitute are also part of it. The financial crisis of 2008 inspired the world's loudest voices – the Davos crowd of billionaires, business titans, and highly quoted leaders – to make empty promises about repairing global capitalism's. Their actions, however, never resulted in substantive action.

Last year, the economy was consistently rated as the top problem among American voters. The majority of them voting for Vice President Joe Biden, who vowed not just to restore the US economy, but also to make it more sustainable and equal in the process.

Thousands of people assembled last year in support of Black Lives Matter and its call to level the racial and financial playing field for people of color. Online campaigns were also launched.

Initially, corporations reacted by withdrawing racist labels like Aunt Jemima and pledging to redouble efforts to catalyze greater diversity and inclusion.

Goldman Sachs announced this week that it would spend $10 billion over the next decade to improve the economic status of Black women. JPMorgan Chase announced last fall $30 billion will be invested over five years to foster racial equality.

Such gestures have been long overdue and are greatly appreciated. However, new laws must be passed within countries and new enforceable agreements must be negotiated between them.

OECD, World Bank, United Nations, International Monetary Fund, and few other human rights organizations and economists are urging wealthier countries to assist poorer countries in recovering from COVID, on a global scale.

Many proposals have been floated, including removing intellectual property rights for COVID-19 vaccines so that more countries can manufacture them, addressing the issues of inequalities, and speeding up the global vaccination campaign.

Debt forgiveness is being proposed to help highly indebted poorer countries. Sovereign debt reform has emerged to help and put an end to the trend of "vulture funds". It is basically swooping in and purchasing distressed sovereign debt for pennies on the dollar, only to claim repayments from countries. They are so broke they can't even afford basic safety nets and health care for their citizens.

The global economy is a tapestry that binds all of humanity. When each country recovers strongly, it produces a more robust recovery for all.