Publication: Don’t Let a Crisis Go to Waste: Reshaping the Economy through ‘No-Regret’ Policies
Date
2020-06
ISSN
Published
2020-06
Author(s)
World Bank
Abstract
Vietnam has the unique opportunity to
take advantage of the COVID-19 crisis. While the future is
hard to predict, most would agree that the world will look
very different in the post coronavirus era. There will be a
notable reshaping of global value chains. Similarly, the
development of contact-free services, telemedicine, and
e-commerce will accelerate requiring fast adaptation of
existing digital systems. Lastly, the importance and value
of human life will increase as more governments prioritize
the inclusion of the wellbeing of future generation in
policy making. The ongoing transformation of the global
economy provides the opportunity for Vietnam to take
important policy actions and move faster toward its goal of
becoming a high-income economy. We recommend five concrete
pathways on which Vietnam can build on: tapping into the new
global trading system, promoting digital payments for a new
business model, promoting telemedicine, enhanced information
sharing for increased resilience, and aiming for a
low-carbon economy.
Citation
“World Bank. 2020. Don’t Let a Crisis Go to Waste; Don’t Let a Crisis Go to Waste : Reshaping the Economy through ‘No-Regret’ Policies. COVID-19 Policy Response Notes;No. 5. © World Bank, Washington, DC. http://openknowledge.worldbank.org/handle/10986/33862 License: CC BY 3.0 IGO.”