WASHINGTON - Developing countries and the international community can now begin to implement measures towards recovery from the effects of the coronavirus (COVID-19) pandemic, says a World Bank analysis.
According to the analysis, short-term response measures to secure core public services amid the public health emergency will have to be accompanied by comprehensive policies to support long-term growth, including by encouraging investment in public health.
In addition, World Bank Group President David Malpass remarked that policy choices that focus on greater debt transparency to attract new investment, advances in digital connectivity, and an improvement of cash safety nets will help cushion the damage left by the pandemic and encourage a stronger recovery.
“The financing and building of productive infrastructure are among the hardest-to-solve development challenges in the post-pandemic recovery,” Mr Malpass said in an official statement received by IDNFinancials.com, Tuesday (2/6).
“We need to see measures to speed litigation and the resolution of bankruptcies and reform the costly subsidies, monopolies and protected state-owned enterprises that have slowed development.”
The analysis is part of the latest edition of the World Bank’s Global Economic Prospects report, due to be released on 8 June 2020. The report will also include the World Bank’s latest forecasts for the global economy. (MS)