Global Integration Is More Important than Ever to Contain the Economic and Health Fallout and Exit the COVID-19 Pandemic Crisis
As the world faces its most significant health and economic crisis in almost one hundred years, international cooperation and global integration face their own watershed moment. Large developed economies cannot escape the fallout from isolationism...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/569731598278330558/Global-Integration-Is-More-Important-than-Ever-to-Contain-the-Economic-and-Health-Fallout-and-Exit-the-COVID-19-Pandemic-Crisis http://hdl.handle.net/10986/34394 |
| Summary: | As the world faces its most significant
health and economic crisis in almost one hundred years,
international cooperation and global integration face their
own watershed moment. Large developed economies cannot
escape the fallout from isolationism but have greater
resources to weatherthe storm. Developing countries that
rely upon large external economies, essential supply chains
including food and medicine, inflows of capital and
visitors, and participation in international labor markets
are particularly vulnerable to a nationalistic crisis
response. Global problems require coordinated global
solutions to prevent disease from leading to widespread
famine and death and economic contraction from
disproportionately harming the most vulnerable. Global
integration remains essential to developing country efforts
to deal with the pandemic and recovery.Crisis-induced
nationalist measures can be expected to increase the
severity and duration of the economic downturn. This brief
highlights the relative vulnerability of developing
countries to a fractured global crisis response and how
making international cooperation and exchange moredependable
and crisis-proof can reduce vulnerability. |
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