[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109769-en":3,"doc-seo-109769-105":31,"detail-sidebar-cat-0-en-105":93},{"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":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109769,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Development Committee - The Managing Director's Written Statement - April 2020","Development Committee: The Managing Director’s written statement (April 2020) examines the global coronavirus outbreak’s shock to emerging and developing economies. It outlines severe short-term economic damage, uncertainty about the crisis duration, and downside risks tied to contagion, supply-chain disruption, weaker demand, and financial market risk-off dynamics. The statement highlights constraints from limited administrative capacity, high debt, reduced trade, portfolio reversals, lower investment and remittances, and health-related spending pressures, emphasizing the need for substantial international support.","Public Disc losure Authorized  \nPub lic Disc losure Authorized  \nDEVELOPMENT COMMITTEE: THE MANAGING DIRECTOR'S  \nWRITTEN STATEMENT  \nApril 2020  \nThe global coronavirus outbreak is a crisis like no other and poses daunting challenges for policymakers in many emerging market and developing economies (EMDEs), especially where the pandemic encounters weak public health systems, capacity constraints, and limited policy space to mitigate the outbreak’s repercussions. A severe economic impact in the first half of 2020 is inevitable. Medium-term projections are clouded by uncertainty regarding the pandemic’s magnitude and speed of propagation, as well as the longer-term impact of measures to contain the outbreak, such as travel bans and social distancing. However, most EMDEs are already suffering from disruptions to global value chains, lower foreign direct investment, capital outflows, tighter financing conditions, lower tourism and remittances receipts, and price pressures for some critical imports such as foods and medicines. Commodity exporters have to absorb, in addition, a sharp decline in export prices, notably for oil. Further, in most countries, the coronavirus outbreak is producing unanticipated health spending needs and revenue losses as activity slows. Coping with these challenges is especially difficult for countries with limited administrative capacity, tight external financing constraints and/or already high debt levels, and thus requires substantial support from the international community.  \nECONOMIC OUTLOOK AND RISKS  \nThe world economy was in a sluggish recovery before the coronavirus outbreak…  \n  and is now bound to suffer a severe recession in 2020.  \nThe coronavirus pandemic struck the global economy in an already fragile state, weighed down by trade disputes, policy uncertainty, and geopolitical tensions—even though some signs of recovery had emerged at end-2019 .  \nProspects have deteriorated sharply with the spread of the COVID-19 pandemic. Countries that were affected early—such as China, South Korea, and Italy—have suffered large contractions in manufacturing activity and services, exceeding the losses recorded at the onset of the global financial crisis. Retrenchments inactivity have been accompanied by a sharp repricing of financial assets amid rapidly deteriorating risk sentiment, large equity sell-offs, widening risk spreads, and reversals of portfolio flows to EMDEs. Many commodity prices have fallen sharply, notably for oil.  \nA large global contraction in the first half of 2020 is inevitable. Prospects thereafter depend on the intensity and efficacy of containment efforts, progress with developing vaccines and therapies, the extent of supply disruptions, shiftsin spending patterns, the impact of tighter financial conditions on activity, and the size of the policy response.  \nTHE MANAGING DIRECTOR’S WRITTEN STATEMENT TO THE DEVELOPMENT COMMITTEE—APRIL 2020  \nUncertainty surrounding the severity and length of the crisis is exceptionally high.  \nEmerging and developing economies are hit hard by both the domestic impact of the pandemic and cross-borderspillovers…  \nAssuming the global economy starts recovering from the third quarter—as public health measures are scaled back and the impact of policy support materializes—the level of global GDP in 2020 would still decline substantially relative to 2019, with a contraction significantly worse than that in 2009 in the context of the global financial crisis (and compared to real growth of  \n2.9 percent in 2019) . While the recovery is expected to pick up in 2021, by end-2021 global output would remain significantly below the pre-crisis trend.  \nDownside risks to the baseline scenario are large. The recovery could be slower and/or weaker than expected, for example because uncertainty about contagion lingers, and the measures to contain the spread of the virus trigger more lasting supply-chain disruptions and weaknesses in aggregate demand. A more persistent ","cbCailKxFyC9VEI8","https://ap.wps.com/l/cbCailKxFyC9VEI8","pdf",349441,6,1,5,"English","en",105,"# Economic outlook and risks\n## The managing director’s written statement to the development committee—April 2020\n## Uncertainty, downside risks, and policy constraints\n## Transmission channels to EMDEs","[{\"question\":\"What key challenges do emerging and developing economies face during the COVID-19 outbreak?\",\"answer\":\"They face weak public health systems, administrative capacity constraints, limited policy space, health spending needs, and revenue losses, alongside disruptions from global trade and supply chains.\"},{\"question\":\"How does the statement describe the global economic outlook for 2020?\",\"answer\":\"It expects a severe recession in 2020, with global activity contracting sharply in the first half and recovery depending on containment effectiveness, vaccine progress, and policy support.\"},{\"question\":\"What are the main downside risks to the baseline scenario?\",\"answer\":\"Recovery may be slower or weaker due to lingering contagion uncertainty, more persistent supply-chain disruptions, weaker investment from reduced business confidence, and balance-sheet stress from prolonged market risk-off conditions.\"}]","Development Committee - 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