Global Economic Prospects, June 2020

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 pan...

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Main Author:	World Bank
Format:	Book
Published:	Washington, DC: World Bank 2020
Subjects:	CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC GROWTH ECONOMIC OUTLOOK FORECASTS DEBT CRISIS EMERGING MARKET ECONOMIES ECONOMIC CRISIS
Online Access:	http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://hdl.handle.net/10986/33748

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recordtype	oai_dc
spelling	okr-10986-337482021-04-23T14:05:21Z Global Economic Prospects, June 2020 World Bank CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC GROWTH ECONOMIC OUTLOOK FORECASTS DEBT CRISIS EMERGING MARKET ECONOMIES ECONOMIC CRISIS 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. 2020-05-14T16:05:57Z 2020-05-14T16:05:57Z 2020-06-08 Book http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 978-1-4648-1553-9 978-1-4648-1580-5 http://hdl.handle.net/10986/33748 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC GROWTH ECONOMIC OUTLOOK FORECASTS DEBT CRISIS EMERGING MARKET ECONOMIES ECONOMIC CRISIS
spellingShingle	CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC GROWTH ECONOMIC OUTLOOK FORECASTS DEBT CRISIS EMERGING MARKET ECONOMIES ECONOMIC CRISIS World Bank Global Economic Prospects, June 2020
description	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.
format	Book
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Global Economic Prospects, June 2020
title_short	Global Economic Prospects, June 2020
title_full	Global Economic Prospects, June 2020
title_fullStr	Global Economic Prospects, June 2020
title_full_unstemmed	Global Economic Prospects, June 2020
title_sort	global economic prospects, june 2020
publisher	Washington, DC: World Bank
publishDate	2020
url	http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://documents.worldbank.org/curated/en/502991591631723294/Global-Economic-Prospects-June-2020 http://hdl.handle.net/10986/33748
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Global Economic Prospects, June 2020

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