The COVID-19 pandemic has dealt a major blow to the global economy and has the potential to cause the deepest global recession since World War II. As countries wealthy and poor alike enact strict lockdowns, activity has ground to a halt and millions have lost their jobs. Advanced economies as well as emerging market and developing economies have employed a wide range of large-scale fiscal and monetary stimulus programs. What are the short-term global implications of the pandemic? How will it affect long-term growth prospects? What should policymakers do to mitigate the damage and lay the foundations for a stronger recovery?
On Monday, July 6, the Global Economy and Development program hosted a webinar to answer these questions and discuss policy options. After a presentation on the findings of the World Bank Group’s latest Global Economic Prospects report, a panel of experts discussed the global recession. Questions from the audience followed.