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A Policy Framework for Mitigating the Impact of the COVID-19 Crisis

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dc.contributor.authorMoorty, Lalita
dc.contributor.authorMahajan, Sandeep
dc.contributor.authorAndronova Vincelette, Gallina
dc.contributor.authorIzvorski, Ivailo
dc.date.accessioned2020-05-20T16:52:03Z
dc.date.available2020-05-20T16:52:03Z
dc.date.issued2020-04-20
dc.description.abstractCOVID-19 is a seismic shock the likes of which have not been seen in living memory. What makes it different? For one, it is a rolling combination of a global health pandemic and an economic crisis that is unfolding at an unprecedented pace. The impact is already devastating at both the human and economic levels, in mutually reinforcing ways. Second, the crisis has turned truly global in record time, to an extent that the 2008 global financial crisis (GFC) became only after half a year or later. The epicenter of the health crisis has shifted from China to Europe and now to the US. But the health and economic consequences are affecting every part of the inhabited world, with rising ferocity. Third, this is both a demand- and supply-side economic shock. The world has seen severe demand shocks (the Great Depression and the GFC) and severe supply shocks (the two World Wars, the Oil Crisis of the 1970s), but rarely the two at same time. The damage from the current crisis in Europe and Central Asia (ECA) and elsewhere is deep and multifaceted, wherein the adverse outcomes can be put in three main categories: human suffering, economic recession, and financial and corporate sector distress. The COVID-19, a major health crisis, has also quickly turned into an economic crisis, and threatens to become a serious financial crisis, with each acting in mutually reinforcing ways. The immediate policy response must focus on containing the virus outbreak and managing it in its three dimensions (health, economic, and financial and corporate).en
dc.identifierhttp://documents.worldbank.org/curated/en/930461589921117100/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis
dc.identifier.doi10.1596/33776
dc.identifier.urihttps://hdl.handle.net/10986/33776
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC RESPONSE
dc.subjectFINANCIAL DISTRESS
dc.subjectGLOBAL FINANCIAL CRISIS
dc.subjectSME FINANCE
dc.subjectBUSINESS SUPPORT
dc.subjectUNEMPLOYMENT
dc.subjectECONOMIC RECESSION
dc.subjectHUMAN SUFFERING
dc.subjectPOLICY INSTRUMENTS
dc.subjectCRISIS MANAGEMENT
dc.subjectMITIGATION
dc.subjectSOCIAL PROTECTION
dc.subjectMONETARY POLICY
dc.subjectFISCAL POLICY
dc.subjectFINANCIAL REGULATION
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectBANKRUPTCY
dc.titleA Policy Framework for Mitigating the Impact of the COVID-19 Crisisen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleA Policy Framework for Mitigating the Impact of the COVID-19 Crisis
okr.date.disclosure2020-05-19
okr.date.doiregistration2025-04-07T08:55:49.763880Z
okr.date.doiregistration2025-04-08T16:28:32.751749Z
okr.date.doiregistration2025-04-09T03:05:33.007475Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/930461589921117100/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis
okr.guid930461589921117100
okr.identifier.doi10.1596/33776
okr.identifier.externaldocumentum090224b0879533e5_1_0
okr.identifier.internaldocumentum32050544
okr.identifier.report148627
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/930461589921117100/pdf/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.geographicalCentral Asia
okr.region.geographicalEastern Europe
okr.region.geographicalEurope and Central Asia
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Financial Crisis Management & Restructuring
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicHealth, Nutrition and Population::Public Health Promotion
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicMacroeconomics and Economic Growth::Taxation & Subsidies
okr.topicSocial Protections and Labor::Social Protections & Assistance
okr.unitEFI-ECA-MTI-MacroFiscal-1 (EECM1)
relation.isAuthorOfPublication1c6a6184-37da-4d0b-a30a-a4779e7c6fea
relation.isAuthorOfPublication.latestForDiscovery1c6a6184-37da-4d0b-a30a-a4779e7c6fea
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