[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109621-en":3,"doc-seo-109621-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":20,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},109621,7971461740886,"Theodore","https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2",8,"Research & Report","102nd Meeting of the Development Committee - October 16,2020 - Statement","Statement by Ignazio Visco, Governor of the Bank of Italy, for the 102nd Development Committee meeting held virtually on October 16, 2020. The statement describes the new coronavirus pandemic as an unprecedented public health emergency and economic crisis, discusses uneven impacts across workers and unequal access to health and education, and highlights risks to global growth, investment, and productivity. It calls for continuing multilevel action, strong World Bank Group countercyclical support, and coordinated financing to advance inclusive, sustainable recovery while supporting SDG implementation.","Public Disclosure Authorized  \nPublic Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committeeof the  \nBoards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries)  \n### ONE HUNDRED AND TWO MEETINGWASHINGTON,DC-OCTOBER 16,2020(VIRTUAL)\n\nStatement by  \nIgnazio ViscoGovernor of the Bank of Italy  \nConstituency of Albania,Greece,Italy,Malta,Portugal,San Marino and Timor-Leste  \nDC/S/2020-0066  \nOctober 16,2020  \n## Statement by\n\nIgnazio ViscoGovernor of the Bank of Italy  \nConstituency of Albania,Greece,Italy,Malta,Portugal,San Marino and Timor-Leste  \n# 102nd Meeting of the Development Committee\n\n## October 16,2020\n\nWashington,DC  \n(VIRTUAL)  \nThe world-wide spread of the new coronavirus has led to an extremely serious public health emergency andan economic crisis unparalleled in modern history.In order to contain the pandemic,many countries had tointroduce measures that curtailed people's movements and social interactions,and temporarily put a stopto many productive activities.The repercussions for global growth have already been extremely severe.This year we will see a sharp and widespread fall in per capita incomes.The longer term impact of the crisisremains surrounded by a great deal of uncertainty,as it is difficult to say how much and in what way thepandemic will ultimately shape households'behavior and consumption patterns,what new needs willemerge and which social habits will be abandoned definitively.  \nWhile the international business cycle has somewhat improved over the summer-with recovery beginningin many countries -the pandemic has continued to spread.As a result,uncertainty at the global levelremains very high all over the world,curtailing consumption and investment.The sharp rise in savingsobserved in many countries in the last few months,which is in large part caused by precautionary motives,could restrain aggregate demand for a long time,slowing recovery.A prolonged slowdown in capitalaccumulation may dampen productivity growth,potentially exacerbated by a retreat from global valuechain,which would affect long-term perspectives.It is especially important to limit the diffusion of thecrisis within the financial sector to avoid additional negative feedback loops.  \nIn 2020 the amount of people living in extreme poverty will increase for the first time in 25 years.Thenumber of food-insecure people could double.Countries affected by fragility,conflict and violence,especially in Sub-Saharan Africa,may be most strongly hit.  \nThe social and economic consequences of this crisis call for continuing action at all levels.It must berecognized that the impact of the pandemic has been uneven among workers,with job losses andunemployment concentrated among low-skilled and low-paid workers.Unequal access to health andeducation across and within countries and a consequent drop in human capital accumulation may worsenthe impact on future generations.  \nWe praise management for the role the World Bank Group(WBG)is playing in this regard,having quicklyconveyed substantial resources to help the poorest and the most vulnerable,supporting the health sector,and providing liquidity to the business sector in low-income countries.  \nEven more than in other episodes of widespread crisis,the WBG must provide countercyclical supportwhile promoting long-term growth.These two objectives are not contradictory.Indeed,it is necessary tohelp address the ongoing short-term financing needs of client countries in the fight against the Covid-19shock while simultaneously promoting sustainable growth.Interventions in some areas-such as health or  \nsocial safety nets-emerge as key priorities.However,education and sustainable infrastructure must not beoverlooked,as these sectors shore up resilience to environmental,economic and social vulnerabilities.  \nNeeds arising from the consequences of the shock are huge,and financing a comprehensive economicrecovery plan-targeting both poverty reduction","cbCaip9O3fNrhxXK","https://ap.wps.com/l/cbCaip9O3fNrhxXK","pdf",418460,4,1,"English","en",105,"# 102nd Meeting of the Development Committee\n## October 16,2020\n## Statement overview","[{\"question\":\"What major impacts does the statement attribute to the Covid-19 crisis?\",\"answer\":\"It links the pandemic to an unprecedented public health emergency and a severe economic crisis, producing sharp falls in incomes, high global uncertainty, and risks to growth and investment.\"},{\"question\":\"How does the statement characterize the uneven effects of the crisis on workers and societies?\",\"answer\":\"It notes job losses and unemployment concentrated among low-skilled and low-paid workers, and highlights unequal access to health and education that can reduce human capital accumulation.\"},{\"question\":\"What does the statement urge the World Bank Group to do during the crisis?\",\"answer\":\"It calls for strong countercyclical support and timely financing for short-term needs while promoting long-term growth, prioritizing areas such as health and social safety nets and not neglecting education and infrastructure.\"}]","102nd Meeting of the Development Committee - October 16,2020 - Statement | 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major impacts does the statement attribute to the Covid-19 crisis?","Question",{"text":75,"@type":76},"It links the pandemic to an unprecedented public health emergency and a severe economic crisis, producing sharp falls in incomes, high global uncertainty, and risks to growth and investment.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the statement characterize the uneven effects of the crisis on workers and societies?",{"text":80,"@type":76},"It notes job losses and unemployment concentrated among low-skilled and low-paid workers, and highlights unequal access to health and education that can reduce human capital accumulation.",{"name":82,"@type":73,"acceptedAnswer":83},"What does the statement urge the World Bank Group to do during the crisis?",{"text":84,"@type":76},"It calls for strong countercyclical support and timely financing for short-term needs while promoting long-term growth, prioritizing areas such as health and social safety nets and not neglecting 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