Working Paper

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

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collection.link.213
https://openknowledge.worldbank.org/handle/10986/11866
collection.name.213
Other papers
dc.contributor.author
Moorty, Lalita
dc.contributor.author
Mahajan, Sandeep
dc.contributor.author
Andronova Vincelette, Gallina
dc.contributor.author
Izvorski, Ivailo
dc.date.accessioned
2020-05-20T16:52:03Z
dc.date.available
2020-05-20T16:52:03Z
dc.date.issued
2020-04-20
dc.date.lastModified
2020-05-21T05:10:48Z
dc.description.abstract
COVID-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.identifier
http://documents.worldbank.org/curated/en/930461589921117100/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis
dc.identifier.uri
http://hdl.handle.net/10986/33776
dc.language
English
dc.publisher
World Bank, Washington, DC
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
FINANCIAL DISTRESS
dc.subject
GLOBAL FINANCIAL CRISIS
dc.subject
SME FINANCE
dc.subject
BUSINESS SUPPORT
dc.subject
UNEMPLOYMENT
dc.subject
ECONOMIC RECESSION
dc.subject
HUMAN SUFFERING
dc.subject
POLICY INSTRUMENTS
dc.subject
CRISIS MANAGEMENT
dc.subject
MITIGATION
dc.subject
SOCIAL PROTECTION
dc.subject
MONETARY POLICY
dc.subject
FISCAL POLICY
dc.subject
FINANCIAL REGULATION
dc.subject
MACROECONOMIC MANAGEMENT
dc.subject
BANKRUPTCY
dc.title
A Policy Framework for Mitigating the Impact of the COVID-19 Crisis
en
dc.type
Working Paper
en
okr.date.disclosure
2020-05-19
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Working Paper
okr.docurl
http://documents.worldbank.org/curated/en/930461589921117100/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
090224b0879533e5_1_0
okr.identifier.internaldocumentum
32050544
okr.identifier.report
148627
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/930461589921117100/pdf/A-Policy-Framework-for-Mitigating-the-Impact-of-the-COVID-19-Crisis.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.geographical
Central Asia
okr.region.geographical
Eastern Europe
okr.region.geographical
Europe and Central Asia
okr.topic
Finance and Financial Sector Development :: Bankruptcy and Resolution of Financial Distress
okr.topic
Finance and Financial Sector Development :: Financial Crisis Management & Restructuring
okr.topic
Health, Nutrition and Population :: Disease Control & Prevention
okr.topic
Health, Nutrition and Population :: Public Health Promotion
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Macroeconomics and Economic Growth :: Macroeconomic Management
okr.topic
Macroeconomics and Economic Growth :: Taxation & Subsidies
okr.topic
Social Protections and Labor :: Social Protections & Assistance
okr.unit
EFI-ECA-MTI-MacroFiscal-1 (EECM1)

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