The COVID-19 (Coronavirus) pandemic has unleashed a global health emergency and an unprecedented economic crisis of historic magnitude. Disease containment is a first-order priority to combat the pandemic, and measures such as testing, tracing, and isolating and treating the infected can bring first-order gains. The economic crisis requires a parallel and simultaneous effort to save jobs and protect the incomes of those affected by the pandemic – impacts that will weigh heavily on vulnerable populations and firms affected by the economic slowdown. As governments act to slow the pandemic and protect lives and livelihoods now, they must also maintain macro stability to avoid financial crises and social unrest, which could plunge countries into deeper downturns. Tough policy tradeoffs emerge in both the short and longer terms, shaped by complex interactions among epidemiological factors, demographics, fiscal space, government capacity, and the strength of health and service delivery systems. No precedents and no simple answers exist. This note proposes several broad principles that can inform policy decisions in this demanding context and highlights trade-offs. It also sketches possible solutions for immediate support, with a view towards recovery in the medium term. The note covers policy responses for containing the pandemic and protecting health, for protecting human capital and livelihoods and for safeguarding the economy.
Al Tuwaijri,Sameera Maziad, Saadat,Seemeen, Gatti,Roberta V., Rawlings,Laura B., Brixi,Hana, Debebe,Zelalem Yilma, Govindaraj,Ramesh, Johnson, Kelly, Brahmam,Maya, Buchsbaum,Aaron F, Hasan,Amer, Watsa,Kavita Phyllis, Leipziger,Alexander Lewis, Abdel Jelil,Mohamed, Giri,Salina, Yuan,Junya, Wu,Nuoya
Protecting People and Economies : Integrated Policy Responses to COVID-19
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Human Capital Director (HHCDR)
Official version of document (may contain signatures, etc)
Al Tuwaijri,Sameera Maziad Saadat,Seemeen Gatti,Roberta V. Rawlings,Laura B. Brixi,Hana Debebe,Zelalem Yilma Govindaraj,Ramesh Johnson, Kelly Brahmam,Maya Buchsbaum,Aaron F Hasan,Amer Watsa,Kavita Phyllis Leipziger,Alexander Lewis Abdel Jelil,Mohamed Giri,Salina Yuan,Junya Wu,Nuoya
Protecting People and Economies : Integrated Policy Responses to COVID-19 (Portuguese). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/635211594792548675/Protecting-People-and-Economies-Integrated-Policy-Responses-to-COVID-19