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:
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
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