The worst of the global health crisis stemming from the novel coronavirus pandemic is over and nations can start rebuilding to avoid prolonged negative effects, the World Bank said in a series of analytical chapters issued on the crisis on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 02nd June, 2020) The worst of the global health crisis stemming from the novel coronavirus pandemic is over and nations can start rebuilding to avoid prolonged negative effects, the World Bank said in a series of analytical chapters issued on the crisis on Tuesday.
"Developing countries and the international community can take steps now to speed recovery after the worst of the health crisis has passed and blunt long-term adverse effects," the World Bank said.
The short-term measures to address the pandemic and secure core public services must be followed by comprehensive policies to boost long-term growth, improve governance and business environments, and expand and improve the results of investment in education and public health, the World Bank also said.
"To make future economies more resilient, many countries will need systems that can build and retain more human and physical capital during the recovery - using policies that reflect and encourage the post-pandemic need for new types of jobs, businesses and governance systems," it said. "During the mitigation period, countries should focus on sustaining economic activity with targeted support to provide liquidity to households, firms and government essential services."
Among other efforts, governments could "get money directly to people so that we may see a quicker return to business creation after this pandemic has passed," the World Bank said.
Countries will also need reforms to allow capital and labor to adjust relatively fast, saying this could be done by expediting dispute resolution and reducing regulatory barriers, as well as reforming costly subsidies, monopolies and protected state-owned enterprises that slow development, the World bank added.
The novel strain of the coronavirus has infected nearly 6.5 million people worldwide and killed almost 380,000 more, wiping out hundreds of billions of dollars of wealth worldwide.