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Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.
The COVID-19 pandemic has hit human capital directly in Europe and Central Asia, adversely affecting both education and health. School closures may lead to learning losses equivalent to a third to a full year of schooling, and they are likely to exacerbate inequalities, by disproportionately affecting students from disadvantaged backgrounds. The disease has already killed thousands of people, and some patients who survive will suffer long-term damage to their health. Recovery from the pandemic will thus require strong investment in education and health. This update examines human capital outcomes in the region and the ways in which the pandemic is likely to affect them. A focus on the quality of tertiary education and health risk factors of obesity, smoking, and heavy drinking highlights the challenges that are particularly important for the region. Post-COVID 19 policy initiatives to improve education and health will need to recognize the challenges posed by increased reliance on remote learning and the importance of being prepared for future pandemics, given the vulnerability of the region’s aging societies and the large number of people with underlying health risks.
Critical Connections examines how trade, investment, migration, and other linkages among countries drive economic growth in the Europe and Central Asia region. The study breaks new ground by using a multidimensional approach that recognizes how each connectivity channel for growth is likely to be affected by the strength of other channels. This multidimensional view makes it easier to see that diversity in country connections and balance in all channels of connectivity are critical for achieving the greatest impact on growth. Europe and Central Asia provides a great laboratory for observing the role of multidimensional connectivity in action. The region’s 30 countries vary widely in the openness of their economies. Its collective experience shows how the various elements of cross-border connectivity work together to accelerate progrowth knowledge transfers, which in turn boost productivity through participation in today’s global value chains. A country’s economic partner might be just as important as the type of connection. Being well connected to highly connected countries can provide benefits beyond being well connected to comparatively isolated countries. Although greater connectivity can expose countries to external shocks, the report presents fact-based argument for policies that seek to build deeper and more diverse connections within the Europe and Central Asia region and globally. The message is timely. Europe’s once-confident march toward economic integration has slowed over the past decade, with voices in many countries questioning the wisdom of opening to the global economy. Critical Connections serves as a reminder to citizens and policy makers that greater regional and global connectivity has been a tremendous “convergence machine,†? raising living standards of lower-income countries toward those of wealthier middle- to high-income countries.
The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions. Stringent fiscal discipline, restrained monetary policies, and boosting of international reserves have been suggested as measures for controlling inflation and stabilizing the macroeconomy. Operation power and freedom for results-based management (RBM) and implementation of Malawi Growth and Development Strategy II (MGDS-II) are also suggested by the Executive Board. Measures to ensure revenue gain concurrent with spending have also been recommended.
First Published in 1986, this two-volume set offers comprehensive insight into the testing of toxic substances using microorganisms as reference. Carefully compiled and filled with a vast repertoire of notes, diagrams, and references this book serves as a useful reference for students of medicine and other practitioners in their respective fields.