A Shock Like No Other: The Way Forward For Developing Economies

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A Shock Like No Other: The Way Forward For Developing Economies

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The world is in a crisis without parallel in modern times—a high-fatality pandemic that is causing an economic contraction on a scale unseen since World War II. Having brought advanced economies to a standstill, the COVID-19 pandemic is now making its mark on emerging and developing economies. How can the damage be contained? What can be done to ensure a strong and durable recovery?

This panel brings together some of the world’s leading thinkers to assess the way forward for emerging and developing economies, building upon the findings of the World Bank Group’s latest Global Economic Prospects report.

Read the chat below!

The Event has concluded

Torie Smith

Wed, 06/03/2020 - 15:41
Torie Smith

Wed, 06/03/2020 - 15:18
Torie Smith

Wed, 06/03/2020 - 15:11
Torie Smith

To learn more about the World Bank’s response to the COVID-19 crisis, head on over to www.worldbank.org/coronavirus.
Wed, 06/03/2020 - 15:08
Torie Smith

More information on analysis from the latest edition of the Global Economic Prospects report is available here: www.worldbank.org/gep. The full report will be published at this link on Monday, June 8.
Wed, 06/03/2020 - 15:08
Torie Smith

And that wraps up the discussion. Thank you to all who joined today’s conversation! A recording of the event will be available soon.
Wed, 06/03/2020 - 15:07
Torie Smith

Wed, 06/03/2020 - 15:06
Ayobola Annie Alo

Thank you
Wed, 06/03/2020 - 15:06
Kayiranga Rukumbi Bernard

Could Pubic- Private Partnerships help SMEs in the current context?
Wed, 06/03/2020 - 15:06
Torie Smith

Wed, 06/03/2020 - 15:06
Torie Smith

Wed, 06/03/2020 - 15:06
Torie Smith

In response to the same question, Raghuram Rajan discusses how the current crisis has accentuated older problems. "This may be the straw that breaks the camel's back," he says, and current challenges could emphasize the need for change and moving beyond the old ways.
Wed, 06/03/2020 - 15:05
Torie Smith

When asked about positive developments that we can expect from the crisis, Mohamed El-Erian lists a few recent silver linings, including innovations in medicine, greater sensitivity to tail risks, better public-private partnerships, recognition of global coordination failures, and a more socially conscious private sector.
Wed, 06/03/2020 - 15:02
Mustafa S

What are the long-term consequences of the Fed's expanded QE program (purchases of high yield credit for instance)?
Wed, 06/03/2020 - 14:58
AK

1. How do you see trade and global value changing post-pandemic? 2. Do you think there would be a shift away from Factory China in manufacturing destination?....and could that possibly help developing economies particularly in Africa?
Wed, 06/03/2020 - 14:54
Anoma Kulathunga

most countries are printing money to pay their internal expenses like salaries etc without paying heed to inflationary impact. without convertible currencies and limited reserves they are at risk. what are your thoughts on that.
Wed, 06/03/2020 - 14:54
Torie Smith

Wed, 06/03/2020 - 14:52
Anoma Kulathunga

Fed started buying BEFORE the Covid started with the Oil price shock right? and this continued. Additionally, all the investors who deleveraged from every other country is back in US market . you can see that in the wild rides in the markets here. What matters is how we can attract them to Emerging/Developing markets when we need them there ...not immediately..in 1 years time may be. To us 1-2 year is a long term plan.
Wed, 06/03/2020 - 14:52
Rahul

Do you foresee that In countries like India the short term migration away from urban centers can be reversed? Or could this lead to medium or long term loss in productivity and growth?
Wed, 06/03/2020 - 14:50
KokTjai

What are the roles of pandemic bonds and what we have learned from this instrument?
Wed, 06/03/2020 - 14:47
Torie Smith

Wed, 06/03/2020 - 14:45
Torie Smith

Wed, 06/03/2020 - 14:45
Anoma Kulathunga

it is indeed good to talk about debt vs liquidity but larger problem will also be the political stability and the reluctance of investors to take up positions in those economies in these countries to go and take up long term positions when debt moratoriums and NPLs and restructurings are the flavor of the month and all international standards that they banked on have gone out of the window. Maybe WB can bring out new instruments to encourage investors but certainly its challenging. Any ideas?
Wed, 06/03/2020 - 14:44
Syful

The capacity of these governments in delivering appropriate Covid 19 related awareness messages, financial support and logistics proved to be inadequate and hardly efficient. What policy actions can quickly be introduced to buttress the efforts of the governments to handle this complex crisis management?
Wed, 06/03/2020 - 14:43
Adama

As one said, this crisis started as a Health crisis and then morphed into an economic, financial and debt crisis. That does not mean the most serious impact will have to do with money, because the human toll will remain a scare while money can be made up. Huge portions of families have been wiped out and family fabrics or communities have been dramatically affected. Those traumatic impacts will not be remedied at all, so the World is being affected in ways that cannot be anticipated accurately.
Wed, 06/03/2020 - 14:42
Torie Smith

Wed, 06/03/2020 - 14:41
Rafael Arias Hernández

How to get, permanent, actual and real, públic evaluation of this ecconomic politics
Wed, 06/03/2020 - 14:41
Amir Paivar

How optimistic are the members of the panel of initiatives like World Economic Forum's The Great Reset or similar 'build back better' initiatives in REALLy overhauling the economy to a more sustainable, inclusive and equal one?
Wed, 06/03/2020 - 14:40
Juan Guzman

After the pandemic, developing countries, like small and medium-sized enterprises, will be highly indebted and with great limitations to generate resources, especially due to interruptions in trade and supply chains.
Wed, 06/03/2020 - 14:40
hjabi@worldbank.org

Corruption and misuse of resources have been and continue to be major factors hindering economic growth in emerging markets: perhaps despite how ugly is this pandemic, do you see anything good may come out of it- such as serious and suitable reform
Wed, 06/03/2020 - 14:39
Anvar Ibragimov

How countries whose major budget income are based on remittances from migrants, should support the private sector to respond the crisis?
Wed, 06/03/2020 - 14:39
Torie Smith

Wed, 06/03/2020 - 14:38
Torie Smith

Wed, 06/03/2020 - 14:38
Aditi

What about preparing for increased vulnerability and building resilience if we are to be hit by further disasters? Will we begin to take horizon scanning exercises and the real risks related to climate change more seriously?
Wed, 06/03/2020 - 14:37
Ayobola Annie Alo

How is the World Bank channeling their efforts to cater for the poorest and the most disadvantaged in the developing economies?
Wed, 06/03/2020 - 14:37
Torie Smith

Wed, 06/03/2020 - 14:35
Truman Packard

Does "establishing the peace" entail setting out how the burden of fiscal costs (and debt) of crisis response will be distributed? This might include reform of countries' taxation policies, right?
Wed, 06/03/2020 - 14:35
ifeanyi d ezedinma

What is best econmic policy to protect developing economies from economic meltdown in this pandemic era.
Wed, 06/03/2020 - 14:35
Anoma Kulathunga

However the debt moratorium is only available to IDA countries only whereas some of the UMC countries at borderlines are also suffering with huge debt burdens. Should the debt moratoriums be extended to all?
Wed, 06/03/2020 - 14:34
Srinivas Eluru

With Governments taking quick decisions to respond to crisis, the risks of wastage, fraud and corruption will increase. Question to Raghu: How do you see the role of Governments, Bank and other international agencies, in mitigating the risks
Wed, 06/03/2020 - 14:34
Nash

Will global supply chain change with China being increasingly isolated? If yes which countries would benefit the most? View on geo-politics and global trade in future?
Wed, 06/03/2020 - 14:33
Sanjay Kathuria

Most agree that governments should spend without looking over their shoulder. Should we not have a moratorium on rating agencies as well?!
Wed, 06/03/2020 - 14:33
Olga

Will this recording be available?
Wed, 06/03/2020 - 14:31
Nash

Will the recording made available on YouTube?
Wed, 06/03/2020 - 14:31
Sakhi Roy

How does one address the concerns of migrant workers?
Wed, 06/03/2020 - 14:29
Jacqueline Irving

Is there also an opportunity in this crisis to prioritize medium-sized firms (as per criteria Raghuram outlined) -- but with some focus, where feasible, on those medium-sized firms that will be diversify resource-intensive economies away from from their reliance on primary commodities and towards more higher value-add activities/sectors.
Wed, 06/03/2020 - 14:28
Salman Soz

Before we ask governments in developing countries to spend money they don't have (fiscal constraints),are there ways for them to restructure and re-purpose existing budgets to more urgent, economy saving actions? Stimulus would come once this first level expenditure restructuring has run its course. Any thoughts on such re-sequencing?
Wed, 06/03/2020 - 14:28
MM

How do you see the disconnect between the stock markets and the economy?
Wed, 06/03/2020 - 14:27
Imtiaz

Raghuram mentioned reviving animal spirits in the last phase. The stock market seems to indicate there is no need to do so. How is this exuberance expected to translate to real businesses?
Wed, 06/03/2020 - 14:27
Juan Guzman

In most developing contries a problem to prioritize is the informal economy. Informal workers and companies are not in the data bases of the government and are the motor of local economies
Wed, 06/03/2020 - 14:27

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