[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109834-en":3,"doc-seo-109834-105":31,"detail-sidebar-cat-0-en-105":92},{"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},109834,962075114765,"Quinn","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","What's At Stake - The Impact of COVID-19 on Developing Countries - Statement","Angel Gurría’s statement to the Development Committee examines how the COVID-19 crisis is reshaping development realities for developing countries. It highlights large-scale loss of life, disrupted livelihoods, and worsening inequalities, with longer-lasting health, economic, and social shocks. The statement explains the crisis as a combined supply-and-demand shock, emphasizing capital outflows, plunging foreign direct investment, business vulnerability, and deteriorating growth outcomes across regions. It also details funding pressures through ODA, remittances, and domestic resources, and discusses debt standstill and moratorium proposals to preserve fiscal space.","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)  \nONE HUNDRED AND ONE MEETINGWASHINGTON,DC-APRIL17,2020(VIRTUAL)  \nStatement by  \nAngel Gurria  \nSecretary-General  \nOECD  \nDC/S/2020-0037  \nApril 17,2020  \nStatement by  \nAngel Gurria,  \nSecretary-General  \nOECD  \n101t Meeting of the Development Committee  \nApril 17,2020  \nWashington,DC  \n(VIRTUAL)  \n# What's At Stake:The Impact of COVID-19 on Developing Countries\n\n1.We are facing an unprecedented global development crisis with profound implications forcurrent and future generations.The COVID-19(coronavirus)pandemic is affecting every aspect of ourlives,from the way we produce and consume to how we work and live.The crisis calls for an ambitious,inclusive and timely global response to safeguard people's well-being,support a rapid economic recovery,and ensure the world remains on track to achieve the 2030 Agenda for Sustainable Development andaddress the climate crisis.  \n2.    The COVID-19 crisis has caused a significant loss of life,disrupted livelihoods,andundermined well-being throughout the world.While COVID-19 does not discriminate among rich orpoor,its impacts will exacerbate existing inequalities.This means developing countries will be amongthose hit hardest,with the health,economic,and social shocks ofthe crisis adding to existing developmentchallenges,including extreme poverty,violent conflicts,food shortages,and climate-related emergencies.Furthermore,early evidence suggests that the adverse impacts of COVID-19 will not only affectdeveloping and least developed countries more harshly;they will also endure longer.  \n# Economic Shocks\n\n3.COVID-19 has developed into a global supply and demand shock,with crippling effects ondeveloping countries.According to the IMF,outflows of capital from emerging markets since the onsetof the coronavirus are twice as large as during the Global Financial Crisis(GFC);equity and debt outflowswere USD52.4 billion and USD 31.0 billion,respectively.Moreover,the OECD projects that even underthe most optimistic scenario,global foreign direct investment flows will be further reduced by at least 30percent in 2020.  \n4.A sharp divide will define the severity of the effects of COVID-19 on private businesses indeveloping countries.While multinational companies in many sectors are equipped to sustain its impacts,small and medium enterprises will struggle to survive.In Latin America,micro,small and mediumenterprises represent 99%of firms and 60%of formal employment,many of which are facing bankruptcyMany informal workers in this region will be vulnerable in the absence ofsocial safety nets,unemploymentinsurance and direct payments.COVID-19 also threatens to exacerbate already challenging social andpolitical conditions,and widespread poverty.In Asia,growth prospects are expected to deteriorate as bothdemand and supply contract.In Viet Nam,for example,the value of exported goods in January 2020 was19%less than in December 2019.Early analysis of COVID-19's impact on Africa's already stagnantgrowth is alarming,highlighting its dependence on the performance of its economic partners,particularlyChina,where preliminary Q1 GDP figures show a -6.8%decline year-on-year.African oil exportingnations could lose as much as USD 65 billion in revenues as oil prices continue to fall.Africa's GDPgrowth rate is expected to fall from 3.2%to about -2%in 2020,driven by disruptions in global supplychains.  \n5.Official development assistance(ODA)levels in 2019 rose by 1.4 percent in real termscompared to 2018,reaching 152.8 billion USD.The OECD Secretary-General has called on theDevelopment Assistance Committee(DAC)to increase and sustain its ODA commitments,particularly inresponse to the COVID-19 crisis.Encouragingly,ODA budgets have proven resilient in the face ofrecession,increasing in 2009 and 2010","cbCaifL4uZja0iaX","https://ap.wps.com/l/cbCaifL4uZja0iaX","pdf",528483,4,1,5,"English","en",105,"# What's At Stake: The Impact of COVID-19 on Developing Countries\n## Economic Shocks","[{\"question\":\"Why does the statement describe COVID-19 as a development crisis for developing countries?\",\"answer\":\"It cites unprecedented global impacts on health, livelihoods, and well-being, arguing that existing inequalities will widen. Developing countries are expected to face harsher and longer-lasting shocks.\"},{\"question\":\"What economic channels are highlighted as key transmission mechanisms of COVID-19?\",\"answer\":\"The statement emphasizes global supply and demand disruption, large capital outflows, reduced foreign direct investment, and contractions in trade and growth prospects. It also points to specific sector vulnerability for private businesses and small and medium enterprises.\"},{\"question\":\"How does the statement explain pressures on financing for developing countries?\",\"answer\":\"It discusses constraints affecting ODA, remittances, and domestic resources, including rising debt risk for low-income countries. It references calls for official bilateral debt standstills and public external debt service moratoriums to provide liquidity support.\"}]","What's At Stake - The Impact of COVID-19 on Developing Countries - Statement | PDF",1784482606,13,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"whats-at-stake-the-impact-of-covid-19-on-developing-countries-statement","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":20},"https://docshare.wps.com/document/whats-at-stake-the-impact-of-covid-19-on-developing-countries-statement/109834/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"Why does the statement describe COVID-19 as a development crisis for developing countries?","Question",{"text":76,"@type":77},"It cites unprecedented global impacts on health, livelihoods, and well-being, arguing that existing inequalities will widen. Developing countries are expected to face harsher and longer-lasting shocks.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What economic channels are highlighted as key transmission mechanisms of COVID-19?",{"text":81,"@type":77},"The statement emphasizes global supply and demand disruption, large capital outflows, reduced foreign direct investment, and contractions in trade and growth prospects. It also points to specific sector vulnerability for private businesses and small and medium enterprises.",{"name":83,"@type":74,"acceptedAnswer":84},"How does the statement explain pressures on financing for developing countries?",{"text":85,"@type":77},"It discusses constraints affecting ODA, remittances, and domestic resources, including rising debt risk for low-income countries. 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