The World Bank recently launched the Global Economic Prospects Report, 2020. The report highlighted the impact of COVID-19 on countries.
Key findings of the report
- The report says that the Emerging Market and the Developing Economies are highly vulnerable.
- They face health crisis, external shocks, restrictions, tourism, falling trade, capital outflows and commodity prices.
- These countries according to the report are expected to have 3% to 8% output loss.
- Around 60 million people may be pushed to extreme poverty due to COVID-19 this year.
- The financial crisis due to recession will reduce the potential output by almost 8%.
Recommendations
The report makes the following recommendations
- The report suggests to make better policy choices. It includes greater debt transparency, major expansion of cash safety and faster advances in digital connectivity.
- Along with addressing health emergencies, policies to boost long term boost should also be considered. This includes improving environment for business, enhancing outcomes of education and improving governance.
No comments:
Post a Comment