Book

Global Economic Prospects, June 2020

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collection.link.32
https://openknowledge.worldbank.org/handle/10986/2140
collection.name.32
Global Economic Prospects
dc.contributor.author
World Bank
dc.date.accessioned
2020-05-14T16:05:57Z
dc.date.available
2020-05-14T16:05:57Z
dc.date.issued
2020-06-08
dc.date.lastModified
2020-06-23T20:40:07Z
dc.description.abstract
The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, despite unprecedented policy support. The global recession would be deeper if countries take longer to bring the pandemic under control, if financial stress triggers defaults, or if there are protracted effects on households and firms. Economic disruptions are likely to be more severe and protracted in emerging market and developing economies with larger domestic outbreaks and weaker medical care systems; greater exposure to international spillovers through trade, tourism, and commodity and financial markets; weaker macroeconomic frameworks; and more pervasive informality and poverty. Beyond the current steep economic contraction, the pandemic is likely to leave lasting scars on the global economy by undermining consumer and investor confidence, human capital, and global value chains. Being mostly a reflection of the recent plunge in global energy demand, low oil prices are unlikely to provide much of a boost to global growth in the near term. While policymakers’ immediate priorities are to address the health crisis and moderate the short-term economic losses, the likely long-term consequences of the pandemic highlight the need to forcefully undertake comprehensive reform programs to improve the fundamental drivers of economic growth, once the crisis abates.
en
dc.identifier
http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020
dc.identifier
http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020
dc.identifier
http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020
dc.identifier.isbn
978-1-4648-1553-9
dc.identifier.isbn
978-1-4648-1580-5
dc.identifier.uri
http://hdl.handle.net/10986/33748
dc.publisher
Washington, DC: World Bank
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 GROWTH
dc.subject
ECONOMIC OUTLOOK
dc.subject
FORECASTS
dc.subject
DEBT CRISIS
dc.subject
EMERGING MARKET ECONOMIES
dc.subject
ECONOMIC CRISIS
dc.title
Global Economic Prospects, June 2020
en
dc.type
Book
en
okr.date.disclosure
2020-06-08
okr.doctype
Publications & Research :: Publication
okr.doctype
Publications & Research
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-1-4648-1553-9
okr.identifier.report
149319
okr.language.supported
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 Forecasting
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Private Sector Development :: Emerging Markets
okr.unit
Prospects Group

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