Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries

The world is facing a perfect storm that has the potential to undo decades of development gains. Two years into a major worldwide pandemic, the global impact of the war in Ukraine is hitting countries that were already stressed. Fiscal space has be...

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Main Author:	World Bank
Format:	Working Paper
Language:	English English
Published:	Washington, DC 2022
Subjects:	UKRAINE WAR IMPACT BORROWING COSTS PANDEMIC WORLD BANK RESPONSE TO GLOBAL CRISIS CRISIS RESPONSE STATUS IMPACT OF COVID-19 PANDEMIC
Online Access:	http://documents.worldbank.org/curated/en/099640108012229672/IDU09002cbf10966704fa00958a0596092f2542c http://hdl.handle.net/10986/37826

id	okr-10986-37826
recordtype	oai_dc
spelling	okr-10986-378262022-08-04T05:10:56Z Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries World Bank UKRAINE WAR IMPACT BORROWING COSTS PANDEMIC WORLD BANK RESPONSE TO GLOBAL CRISIS CRISIS RESPONSE STATUS IMPACT OF COVID-19 PANDEMIC The world is facing a perfect storm that has the potential to undo decades of development gains. Two years into a major worldwide pandemic, the global impact of the war in Ukraine is hitting countries that were already stressed. Fiscal space has been eroded in many developing countries by rising borrowing costs, and a decade of rising debt capped by a further surge, severely exacerbated by the pandemic. Rising inflation and weakening economic recovery are contributing to growing macroeconomic imbalances, exacerbating already high risks of debt distress and leaving many households vulnerable. In April 2022, the World Bank Group (WBG) outlined a “Roadmap” to indicate how it would support clients as they respond to the impacts of these ongoing, multiple, overlapping, and compounding crises. This follow-up paper details the WBG’s crisis response and proposes a framework tailored to the current situation. This paper is organized as follows. Section II describes the multiple crises facing countries today. Section III proposes a framework for the WBG response to the global crisis. Section IV and V describe key considerations for the operational approach to the crisis response and detail the financing envelope. Section VI underscores the need for global coordination to maximize the impact of this crisis response. Section VII concludes with key issues. 2022-08-03T17:55:11Z 2022-08-03T17:55:11Z 2022-07 Working Paper http://documents.worldbank.org/curated/en/099640108012229672/IDU09002cbf10966704fa00958a0596092f2542c http://hdl.handle.net/10986/37826 English en CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Knowledge Notes :: Miscellaneous Knowledge Notes
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English English
topic	UKRAINE WAR IMPACT BORROWING COSTS PANDEMIC WORLD BANK RESPONSE TO GLOBAL CRISIS CRISIS RESPONSE STATUS IMPACT OF COVID-19 PANDEMIC
spellingShingle	UKRAINE WAR IMPACT BORROWING COSTS PANDEMIC WORLD BANK RESPONSE TO GLOBAL CRISIS CRISIS RESPONSE STATUS IMPACT OF COVID-19 PANDEMIC World Bank Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
description	The world is facing a perfect storm that has the potential to undo decades of development gains. Two years into a major worldwide pandemic, the global impact of the war in Ukraine is hitting countries that were already stressed. Fiscal space has been eroded in many developing countries by rising borrowing costs, and a decade of rising debt capped by a further surge, severely exacerbated by the pandemic. Rising inflation and weakening economic recovery are contributing to growing macroeconomic imbalances, exacerbating already high risks of debt distress and leaving many households vulnerable. In April 2022, the World Bank Group (WBG) outlined a “Roadmap” to indicate how it would support clients as they respond to the impacts of these ongoing, multiple, overlapping, and compounding crises. This follow-up paper details the WBG’s crisis response and proposes a framework tailored to the current situation. This paper is organized as follows. Section II describes the multiple crises facing countries today. Section III proposes a framework for the WBG response to the global crisis. Section IV and V describe key considerations for the operational approach to the crisis response and detail the financing envelope. Section VI underscores the need for global coordination to maximize the impact of this crisis response. Section VII concludes with key issues.
format	Working Paper
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
title_short	Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
title_full	Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
title_fullStr	Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
title_full_unstemmed	Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries
title_sort	navigating multiple crises, staying the course on long-term development : the world bank group’s response to the crises affecting developing countries
publisher	Washington, DC
publishDate	2022
url	http://documents.worldbank.org/curated/en/099640108012229672/IDU09002cbf10966704fa00958a0596092f2542c http://hdl.handle.net/10986/37826
_version_	1764487938851209216

Navigating Multiple Crises, Staying the Course on Long-term Development : The World Bank Group’s Response to the Crises Affecting Developing Countries

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