WASHINGTON - The world’s emerging economies need flexibility in facing the economic impact of the coronavirus (COVID-19) pandemic, said World Bank Group President David Malpass.
“There will need to be flexibility in economies, so that people can move to new jobs and positions, and the country can be prepared for a post-COVID global economy,” Mr Malpass said in a virtual press conference held on the sidelines of the 2020 IMF-World Bank Group Annual Meetings, Wednesday (14/10).
“We know it's going to be different from the pre-COVID economy. We don't know exactly how and that will only evolve over time.”
According to Mr Malpass, In order to prepare for the post-COVID-19 global economy, countries need to preserve their core industries and businesses. However, he stressed that health and safety must be prioritised first and foremost, with anticipating an economic downturn being the “next stage”.
“The first priority is saving lives, people's health, and safety… And then, as we look at the next stage, what I think we can be talking about is that it's going to be a prolonged downturn for many of the countries,” he said. (MS)