Global Economy and Development Media Mentions
No country that has reopened schools so far has had the pandemic under such little control. That’s what’s complicating everything for schools.
It’s emergency education. [Efforts to continue classes online is] trying to provide at least some educational opportunity, but it’s nowhere near what kids were receiving in schools.
Education should be, not only part of the investment for the future, but it's really a solution to [COVID-19] recovery. And I think that's important for developing countries in particular.
[The rising middle class has been] critical for the future prospects of African economies as they stimulate long-term growth, social progress, an inclusive and prosperous society and effective and accountable governance.
The tragedy is that because Africa is not growing fast, this collapse of the middle class could take several years to recover.
Some private sector members may come to understand that this is in their best interests. It would allow them to check the box marked social responsibility. If I were a private sector entity I would want to be pragmatic about this.
Social upheaval is very likely if the measures are not accompanied by relief and stronger social safety nets for the vulnerable populations. The populations in confinement could face the uncomfortable choice between the certainty of death by starvation or some risks of death by Covid-19, unless the government steps up the relief efforts.
Whatever the approach, poor countries will need help from developed ones. Rich countries have spent a stunning $8trn on supporting their own citizens during the pandemic.
When workers who earn wages in the low-wage quintile switch occupations, they have the highest likelihood of any wage group to remain in the same wage quintile and not see any wage mobility.
As for the future, while some jobs will be replaced by automation and robots, the main concern is displacement. Both the industries that are growing and the industries that are shrinking are low wage, and available work is going to be more low-wage work.