Implications of Major Adverse Events on Productivity
Since 2000, there have been three major global slowdowns, with the latest and most pronounced episode triggered by the COVID-19 pandemic. At the same time, many countries have faced major adverse events including natural disasters, wars, and financ...
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/706191600779573582/Implications-of-Major-Adverse-Events-on-Productivity http://hdl.handle.net/10986/34509 |
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okr-10986-345092022-09-20T00:11:09Z Implications of Major Adverse Events on Productivity Dieppe, Alistair Kilic Celik, Sinem Okou, Cedric PRODUCTIVITY LOCAL PROJECTIONS DISASTER GLOBAL SLOWDOWN PANDEMIC IMPACT COVID-19 CORONAVIRUS CLIMATE DISASTER NATURAL DISASTER LABOR DISLOCATION TIGHT CREDIT VALUE CHAIN INNOVATION ECONOMIC SHOCK FISCAL POLICY RESILIENT INFRASTRUCTURE GOVERNANCE Since 2000, there have been three major global slowdowns, with the latest and most pronounced episode triggered by the COVID-19 pandemic. At the same time, many countries have faced major adverse events including natural disasters, wars, and financial crises, all of which can lead to long-lasting harm to productivity. Wars inflict particularly severe damage to productivity, while financial crises also lead to substantial losses, especially accompanied by a rapid build-up of debt. The greater frequency of natural disasters, especially climate disasters, means that they have the largest aggregate impact on productivity, as natural disasters have occurred most often and their frequency has doubled since 2000. Global adverse events can have large sustained negative effects on productivity through dislocating labor, tightening of credit, disrupting value chains, and decreasing innovation. Policies to counter the negative consequences of adverse shocks include accommodative fiscal policies, such as reconstruction spending on resilient infrastructure; transparent governance; efficient use of relief funds; as well as growth-friendly structural reforms. Appropriate policies and regulations concerning finance, construction, and environmental protection can help reduce the frequency of adverse shocks. 2020-09-24T20:56:06Z 2020-09-24T20:56:06Z 2020-09 Working Paper http://documents.worldbank.org/curated/en/706191600779573582/Implications-of-Major-Adverse-Events-on-Productivity http://hdl.handle.net/10986/34509 English Policy Research Working Paper;No. 9411 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper |
| repository_type |
Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English |
| topic |
PRODUCTIVITY LOCAL PROJECTIONS DISASTER GLOBAL SLOWDOWN PANDEMIC IMPACT COVID-19 CORONAVIRUS CLIMATE DISASTER NATURAL DISASTER LABOR DISLOCATION TIGHT CREDIT VALUE CHAIN INNOVATION ECONOMIC SHOCK FISCAL POLICY RESILIENT INFRASTRUCTURE GOVERNANCE |
| spellingShingle |
PRODUCTIVITY LOCAL PROJECTIONS DISASTER GLOBAL SLOWDOWN PANDEMIC IMPACT COVID-19 CORONAVIRUS CLIMATE DISASTER NATURAL DISASTER LABOR DISLOCATION TIGHT CREDIT VALUE CHAIN INNOVATION ECONOMIC SHOCK FISCAL POLICY RESILIENT INFRASTRUCTURE GOVERNANCE Dieppe, Alistair Kilic Celik, Sinem Okou, Cedric Implications of Major Adverse Events on Productivity |
| relation |
Policy Research Working Paper;No. 9411 |
| description |
Since 2000, there have been three major
global slowdowns, with the latest and most pronounced
episode triggered by the COVID-19 pandemic. At the same
time, many countries have faced major adverse events
including natural disasters, wars, and financial crises, all
of which can lead to long-lasting harm to productivity. Wars
inflict particularly severe damage to productivity, while
financial crises also lead to substantial losses, especially
accompanied by a rapid build-up of debt. The greater
frequency of natural disasters, especially climate
disasters, means that they have the largest aggregate impact
on productivity, as natural disasters have occurred most
often and their frequency has doubled since 2000. Global
adverse events can have large sustained negative effects on
productivity through dislocating labor, tightening of
credit, disrupting value chains, and decreasing innovation.
Policies to counter the negative consequences of adverse
shocks include accommodative fiscal policies, such as
reconstruction spending on resilient infrastructure;
transparent governance; efficient use of relief funds; as
well as growth-friendly structural reforms. Appropriate
policies and regulations concerning finance, construction,
and environmental protection can help reduce the frequency
of adverse shocks. |
| format |
Working Paper |
| author |
Dieppe, Alistair Kilic Celik, Sinem Okou, Cedric |
| author_facet |
Dieppe, Alistair Kilic Celik, Sinem Okou, Cedric |
| author_sort |
Dieppe, Alistair |
| title |
Implications of Major Adverse Events on Productivity |
| title_short |
Implications of Major Adverse Events on Productivity |
| title_full |
Implications of Major Adverse Events on Productivity |
| title_fullStr |
Implications of Major Adverse Events on Productivity |
| title_full_unstemmed |
Implications of Major Adverse Events on Productivity |
| title_sort |
implications of major adverse events on productivity |
| publisher |
World Bank, Washington, DC |
| publishDate |
2020 |
| url |
http://documents.worldbank.org/curated/en/706191600779573582/Implications-of-Major-Adverse-Events-on-Productivity http://hdl.handle.net/10986/34509 |
| _version_ |
1764481053900144640 |