dc.contributor.author	Loayza, Norman V.
dc.contributor.author	Sanghi, Apurva
dc.contributor.author	Shaharuddin, Nurlina
dc.contributor.author	Wuester, Lucie
dc.date.accessioned	2020-09-16T18:48:22Z
dc.date.available	2020-09-16T18:48:22Z
dc.date.issued	2020-09-07
dc.description.abstract	The COVID-19 (coronavirus) pandemic crisis combines the worst characteristics of previous crises. It features a simultaneous supply and demand shock; domestic, regional, and global scope; a projected long duration; and a high degree of uncertainty. What can be expected for recovery from the pandemic crisis across the world? This brief first assesses the projections of economic activity in 2020 and 2021 and the domestic and international conditions that will constrain and drive a possible recovery. It then discusses the potential shapes of the recovery (or lack thereof) for specific country conditions. Finally, it explores the need to balance short-term and long-term concerns, arguing in favor of policies that focus on sustained recovery, rather than quick but debt-fueled and short-lived gains. Drawing on the lessons from past crises, the brief concludes that sustained economic recovery is possible only when the underlying causes are addressed and the foundations of growth are protected. For the pandemic crisis, this implies mitigating the spread of the disease to manageable levels while keeping the economy sufficiently active. In the short term, economic policy should focus on preventing further poverty, averting unnecessary business closures, and avoiding lasting damage to human capital and productivity. In the long term, policy reform should address the structural vulnerabilities that the pandemic crisis has exposed. This includes reforms to expand labor and business formalization; to improve the coverage and adequacy of social protection; to extend financial inclusion to elderly, rural, and poor people; to promote digital transformation across society; and, most basically, to improve access to and quality of public health care.	en
dc.identifier	http://documents.worldbank.org/curated/en/461391599582188306/Recovery-from-the-Pandemic-Crisis-Balancing-Short-Term-and-Long-Term-Concerns
dc.identifier.doi	10.1596/34462
dc.identifier.uri	https://hdl.handle.net/10986/34462
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Research and Policy Brief;
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	CORONAVIRUS
dc.subject	COVID-19
dc.subject	PANDEMIC RESPONSE
dc.subject	ECONOMIC CRISIS
dc.subject	GROWTH PROJECTION
dc.subject	REBOUND
dc.subject	RECOVERY
dc.subject	ECONOMIC RECESSION
dc.subject	WORLD UNCERTAINTY INDEX
dc.subject	PUBLIC HEALTH CRISIS
dc.subject	LOCKDOWN
dc.subject	BANKING CRISIS
dc.subject	COMMUNITY MOBILITY
dc.title	Recovery from the Pandemic Crisis	en
dc.title.subtitle	Balancing Short-Term and Long-Term Concerns	en
dc.type	Working Paper	en
dc.type	Document de travail	fr
dc.type	Documento de trabajo	es
dspace.entity.type	Publication
okr.crossref.title	Recovery from the Pandemic Crisis
okr.date.disclosure	2020-09-08
okr.doctype	Publications & Research
okr.doctype	Publications & Research::Working Paper
okr.docurl	http://documents.worldbank.org/curated/en/461391599582188306/Recovery-from-the-Pandemic-Crisis-Balancing-Short-Term-and-Long-Term-Concerns
okr.guid	461391599582188306
okr.identifier.doi	10.1596/34462
okr.identifier.externaldocumentum	090224b087d83d88_1_0
okr.identifier.internaldocumentum	32386683
okr.identifier.report	152797
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/461391599582188306/pdf/Recovery-from-the-Pandemic-Crisis-Balancing-Short-Term-and-Long-Term-Concerns.pdf	en
okr.topic	Macroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topic	Macroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Macroeconomic Management
okr.unit	DECRG: Macroeconomics & Growth (DECMG)

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Recovery from the Pandemic Crisis: Balancing Short-Term and Long-Term Concerns