Growth in a Time of Crisis: What’s Ahead for Developing Economies

The opening public event of this year’s Annual Meetings – Growth in a Time of Crisis: What’s Next for Developing Economies – delved into questions like these:

  • How can countries build back to a sustainable, resilient, and inclusive economic recovery while also investing in their people? 
  • What are the fundamental barriers to sustainable and inclusive growth in low and middle-income countries and fragile and conflict-affected settings, and what does the future of growth look like?
  • What types of policies are important to support inclusive growth for vulnerable populations? How can digital technology help ensure inclusion?
  • What’s needed to support private investment, especially small and medium enterprises, and create jobs in developing countries?
  • What role can central banks play to help spur job creation and investment?

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Ensuring a Strong Recovery for Developing Countries

The global economy is experiencing an uneven recovery, with the risk that it will worsen wrapup780x439inequality and leave low- and middle-income countries behind.  The path of the COVID-19 pandemic remains uncertain, with obstacles to vaccination in many countries.  Developing economies face challenges that could slow their recovery for years to come.  To help, the World Bank Group has mounted the largest crisis response in its history, and it is uniquely positioned to help ensure that all countries can participate in a green, resilient, and inclusive return to stability and growth.

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COVAX and World Bank to Accelerate Vaccine Access for Developing Countries

New mechanism builds on Gavi COVAX Advance Market Commitment (AMC) cost-sharing arrangement

WASHINGTON, July 26, 2021 – COVAX and the World Bank will accelerate COVID-19 vaccine supply for developing countries through a new financing mechanism that builds on Gavi’s newly designed AMC cost-sharing arrangement. This allows AMC countries to purchase doses beyond the fully donor-subsidized doses they are already receiving from COVAX.

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‘Absolutely Unacceptable’ COVID-19 Vaccination Rates in Developing Countries | The Development Podcast

Subscribe for free to The Development Podcast and listen to this episode on Apple Podcasts and Spotify.

“The situation that we see right now is absolutely unacceptable, because a large part of the world remains unvaccinated and this is a danger for all of us,” so warns Mamta Murthi, the World Bank’s Vice President for Human Development.

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Time to decarbonize transport for a green, resilient and inclusive recovery

At a time when we face enormous challenges brought on by the COVID-19 pandemic, it is heartening to see the world mobilizing as never before to tackle the looming crisis of global warming. From renewable energy to carbon markets to sustainable agriculture, countries are taking steps to address emissions and enhance resilience.  The international development community is also stepping up. In 2020, the World Bank Group reached its highest ever level of climate financing, at $21.4 billion, and we recently announced our plan to align all-new World Bank operations with the Paris Agreement by July 2023.

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World Bank Financing for COVID-19 Vaccine Rollout Reaches $2 Billion

Financing for the poorest countries is on grant or highly concessional terms

Kuala Lumpur, Malaysia. 03rd Mar, 2021. A healthcare worker holds a vial of the Pfizer-BioNTech Covid-19 vaccine during the first phase of the country nationwide vaccination drive at the Hospital UiTM in Sungai Buloh, outskirts of Kuala Lumpur. Credit: SO

WASHINGTON, April 20, 2021— The World Bank announced today that it has reached $2 billion in approved financing for the purchase and distribution of COVID-19 vaccines for 17 developing countries. This financing is part of the $12 billion envelope over 24 months for developing countries to acquire and deploy vaccines and strengthen their vaccination systems. For poorer countries financing is on grant or highly concessional terms. The Bank expects to support 50 countries with $4 billion financing for COVID-19 vaccines by mid-year.

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Message of His Holiness Pope Francis to the World Bank Group and International Monetary Fund

I am grateful for the kind invitation to address the participants in the World Bank Group and International Monetary Fund 2021 Spring Meetings by means of this letter, which I have entrusted to Cardinal Peter Turkson, Prefect of the Holy See’s Dicastery for Promoting Integral Human Development.

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Webinar Recap WBG/IMF Spring Meetings

Key Green Transitions: How Systems Are Changing for People and Planet

#GreenRecoveryWBG

Everyone should be able to live a sustainable life on a healthy planet. But the last six years have been the hottest on record. Record-breaking wildfires, droughts, floods and hurricanes have taken lives, damaged homes, hospitals and businesses. Meanwhile, COVID-19 took a heavy health and economic toll and pushed millions into extreme poverty.

COVID-19: Vaccines for Developing Countries

The rollout of COVID-19 vaccines in developing countries is critical to protecting lives, building human capital, and stimulating economic recovery. The current crisis is exacerbating inequalities throughout the world and, without access to vaccines, the gap will widen further.This event begins with voices of youth from around the world reflecting on the impact of the pandemic and their hopes for a speedy recovery with a return to school, friends, and family.World Bank Group President David Malpass then describes what vaccines mean for the world, what needs to be done to accelerate production and ensure safe and effective distribution to developing countries, and the importance of collaboration amongst all stakeholders for a sustainable and inclusive recovery