The coronavirus (COVID-19) pandemic has severely impacted multinational enterprises (MNEs) and foreign direct investment (FDI) in developing countries, jeopardizing these firms’ contributions to crucial development outcomes. In addition to bringing capital to developing countries, MNEs are key drivers of global trade, accounting for about 80 percent of total exports. FDI can drive economic transformation by introducing new technologies and best practices in developing countries.
A new report outlines how the pandemic may look different in rich versus developing countries, and how the latter may experience more severe health impacts. As our daily routines now include checking new COVID-19 numbers, data experts are exploring how more timely data could contribute to stronger development outcomes.
The World Bank Group is now supporting 100 countries in their fight against coronavirus, helping strengthen health systems, protect the poorest and support jobs. This is the largest and fastest crisis response in our history, and is critical in responding to the COVID-19 pandemic and accelerating a recovery.
May 06, 2020 – Virtual – Online
The economic impact of #COVID19 will hit developing countries hard. What can be done to support companies and preserve jobs? Join IFC’s Chief Operating Officer, Stephanie von Friedeburg, for discussion on the topic.
Coronavirus Live Series: A Shock Like No Other: The Impact of the Pandemic on Commodities
Why and how are developing countries particularly vulnerable to volatility in commodity prices?
Across the globe, well-functioning cities do one thing really well – they bring people together. Social and economic interactions are the hallmark of city life, making people more productive and often creating a vibrant market for innovations by entrepreneurs and investors. No country can achieve significant economic growth without vibrant cities.
- The coronavirus (COVID-19) pandemic has impacted both demand for and supply of commodities: direct effects from shutdowns and disruptions to supply chains, indirect effects as economic growth stalls. Effects have already been dramatic, particularly for commodities related to transportation.
- Oil prices have plunged and demand is expected to fall by an unprecedented amount in 2020.
- While most food markets are well supplied, concerns about food security have risen as countries announce trade restrictions and engage in excess buying.
The World Bank Group is taking broad, fast action to help developing countries strengthen their pandemic response, increase disease surveillance, improve public health interventions, and help the private sector continue to operate and sustain jobs. It is deploying up to $160 billion in financial support over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery. On April 2, the first group of projects using the dedicated COVID-19 Fast-Track Facility, amounting to $1.9 billion and assisting 25 countries, was rolled out. In addition, the World Bank is working worldwide to redeploy resources in existing World Bank financed projects worth up to $1.7 billion, including through restructuring and use of projects’ emergency components as well as contingent financing instruments designed for catastrophes, including pandemics. Below is list of countries that are getting Bank Group support through the FTF as well as other financing mechanisms.