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World Development Report 2022: Finance for an Equitable Recovery

(Washington, DC: World Bank, 2022-02-15) World Bank

World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.
Tunisia Economic Monitor, Winter 2021: Economic Reforms to Navigate Out of the Crisis

(World Bank, Washington, DC, 2022-01-20) World Bank

The Economic Monitor examines four possible factors behind Tunisia’s slow recovery. First, the drop in mobility related to the pandemic may have been more harmful in Tunisia. However, mobility in Tunisia has dropped to a similar extent as other countries and it has now returned to pre-pandemic levels following the acceleration in the vaccination campaign since July. If anything, the mobility drop in Tunisia has resulted in a lower reduction in economic activity than in comparator countries as Algeria and Egypt. Second, it could be that the level of public support to the ailing firms and households may have been particularly low. However, at 2.3 percent of GDP, the Covid-19 stimulus package in 2020 was in the same ballpark as other comparators in the region. Third, the structure of the Tunisian economy, particularly its reliance on tourism, may have exposed it to the negative demand shock more than other countries. Indeed hotels, cafe and restaurant and transport are the sectors which have contracted the most since the start of the pandemic. The losses of these sectors explain a significant portion of the negative effects of the crisis in Tunisia, although they do not fully account for such slow recovery.
The State of the Global Education Crisis: A Path to Recovery

(UNESCO, Paris, UNICEF, New York, and World Bank, Washington, DC, 2021-12-10) UNESCO ; UNICEF ; World Bank

Even before Coronavirus disease 2019 (COVID-19) hit, the world was already experiencing a learning crisis. 258 million primary- and secondary-school age children and youth were out of school. Many children who were in school were learning very little: 53 percent of all ten-year-old children in low- and middle-income countries were experiencing learning poverty, meaning that they were unable to read and understand a simple age-appropriate text at age 10. This report spotlights how COVID-19 has deepened the education crisis and charts a course for creating more resilient education systems for the future. Section one gives introduction. Section two documents COVID-19’s impacts on learning levels by presenting updated simulations and bringing together the latest documented evidence on learning loss from over 28 countries. Section three explores how the crisis has widened inequality and had greater impacts on already disadvantaged children and youth. Section four reviews evidence on learning recovery from past crises and highlights current policy responses that appear most likely to have succeeded in stemming learning losses, while recognizing that the evidence is still in a nascent stage. The final section discusses how to build on the investments made and the lessons learned during the pandemic to accelerate learning recovery and emerge from the crisis with increased education quality, resilience, and equity in the longer term.
The World Bank Annual Report 2021: From Crisis to Green, Resilient, and Inclusive Recovery

(Washington, DC: World Bank, 2021-10-01) World Bank

The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
Remarks at the G7 Leaders’ Summit Media Briefing

(World Bank, Washington, DC, 2021-06-13) Malpass, David

World Bank Group President David Malpass discussed talks with G7 leaders about the World Bank Group’s work on health and preparedness. The World Bank will have approved vaccination programs in over 50 countries by the end of June. He talked about the Bank’s joint work with the African Union’s Africa Vaccine Acquisition Task Team (AVATT) vaccination program. The Bank is convening a task force with the International Monetary Fund (IMF), World Trade Organization (WTO), and World Health Organization (WHO) to help track supplies, coordinate delivery, and accelerate deployment. He noted he would talk with G7 Leaders about the World Bank Group’s work on climate, nature-based solutions, and biodiversity.
Remarks at the World Health Organization Media Briefing on COVID-19 and Vaccine Equity

(World Bank, Washington, DC, 2021-06-01) Malpass, David

World Bank Group President David Malpass stated that the immediate priority is for countries that have sufficient supply to quickly release doses to countries that have vaccination deployment programs. He said that by the end of June, the World Bank will have approved vaccination operations in over 50 countries. It is vital to speed up the supply chain. The World Bank is providing transparent access to very detailed information about projects through an online portal available at https://www.worldbank.org/vaccines. He urged other development partners to publish detailed information about their vaccine financing and deployment programs and their delivery schedules. The World Bank is also working to expand supply and will be making announcements of investments by IFC, the World Bank Group’s private sector development arm.
World Bank Group Press Conference at the 2021 Spring Meetings, April 7, 2021

(World Bank, Washington, DC, 2021-04-07) Malpass, David

David Malpass, President of the World Bank, discussed vaccines, climate, and debt. The World Bank commitments grew a record amount both in percent terms and dollar terms in 2020. The Bank is providing financing for several of the countries and they can be large-scale programs, but the countries are working to arrange delivery schedules from the various vaccine providers. That will be an important part of the recovery. The Bank completed a big vaccination operation through Board, which makes financing available to Bangladesh and also technical assistance from the World Bank, which is very helpful to the countries as they try to enter contract discussions, and also as they work within their health systems in order to vaccinate people. The Bank is working actively on biodiversity and agricultural challenges facing Brazil.
Remarks at the Human Capital Conclave

(World Bank, Washington, DC, 2021-04-05) Malpass, David

David Malpass, President of the World Bank, discussed the importance of investing in human capital for a green, resilient, and inclusive recovery from the Coronavirus disease crisis. He highlighted three important measures: 1) investing in people; 2) efficient expenditures and good governance; and 3) freeing up fiscal space.
Living with Debt: How Institutions Can Chart a Path to Recovery in Middle East and North Africa

(Washington, DC: World Bank, 2021-04-02) Gatti, Roberta ; Lederman, Daniel ; Nguyen, Ha M. ; Alturki, Sultan Abdulaziz ; Fan, Rachel Yuting ; Islam, Asif M. ; Rojas, Claudio J.

Economies in the Middle East and North Africa (MENA) remain in crisis. The World Bank estimates the regional output to have contracted 3.8 percent in 2020 and expects it to rebound by only 2.2 percent in 2021. The regional output is expected to be 7.2% below where it would be in 2021 without the pandemic. The region’s average GDP per capita is estimated to have declined 5.3 percent in 2020 and expected to rebound by only 0.6 percent in 2021. The number of poor people in the region—those making less than the $5.50 per day poverty line—is expected to increase from 176 million in 2019 to a conservative estimate of 192 million people by the end of 2021. The region’s public debt is expected to rise significantly. Most notably, MENA oil importers have the highest levels of debt. As the region copes with the economic consequences of the pandemic, most countries will face tensions between short-term needs and the long-term risks of debt-financed government spending. Countries must make tough choices along the road to recovery. During the pandemic, fiscal spending is arguably best used to support vulnerable families and invest in public health—such as disease surveillance, data transparency, and vaccinations. Public health investment as a short-term response to the pandemic could also bring long-term gains. As the pandemic subsides, there are good reasons to be cautious with additional fiscal stimulus, especially for countries with high debt, poor governance, and lack of transparency. After the pandemic, economic growth remains the most sustainable way to reduce the debt-GDP ratio, and this requires much-needed deep structural reforms. Strong institutions can chart a path to recovery. Investing in testing, disease surveillance, and data transparency can reduce the economic costs of the pandemic. As the pandemic subsides, effective and transparent pandemic surveillance would help boost demand from domestic and foreign sources. Good governance in public investment decisions can raise the effectiveness of public investment. Public debt transparency can help reduce borrowing costs. Institutional reforms can be implemented with limited fiscal costs and hold the promise of boosting long-run growth.
Women, Business and the Law 2021

(Washington, DC: World Bank, 2021-02-23) World Bank

Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. The project presents eight indicators structured around women’s interactions with the law as they move through their lives and careers: Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and Pension. This year’s report updates all indicators as of October 1, 2020 and builds evidence of the links between legal gender equality and women’s economic inclusion. By examining the economic decisions women make throughout their working lives, as well as the pace of reform over the past 50 years, Women, Business and the Law 2021 makes an important contribution to research and policy discussions about the state of women’s economic empowerment. Prepared during a global pandemic that threatens progress toward gender equality, findings on government responses to COVID-19 and pilot research related to childcare and women’s access to justice.