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WORLD DEVELOPMENT REPORT 2022 Finance for an Equitable Recovery By the World Bank
The World Development Report 2022 is a practical guide to help low- and middleincome countries develop strategies to strengthen financial markets for a more equitable recovery from the COVID-19 economic crisis. Grounded in research and real-world experience, the report assesses the financial and economic impacts of COVID-19 and provides recommendations for addressing financial fragilities as nations rebuild. Chapter 1 begins with an overview of the economic and financial impact of the COVID-19 pandemic on households and small- and medium-sized businesses and documents the governmental actions taken early in the crisis to contain the economic fallout. It highlights the impact of the crisis on preexisting fragilities that will require structural reforms and investments in the financial sector to enable recovery. Chapters 2 and 3 provide blueprints for action to facilitate recovery and address structural gaps in legal and governance rules. Chapter 2 focuses on the policies needed to support banks and avoid a credit crunch that could derail recovery, as fiscal and financial support programs are scaled back and loan defaults increase. Chapter 3 addresses the critical role of formal and informal bankruptcy provisions in helping households and small businesses reduce their debt burdens and pursue debt workouts in an orderly manner, mitigating the risks that excessive debt levels pose for recovery. Chapter 4 explores the role of technology as both a component of the recovery and as a tool that must be actively managed to ensure it serves to expand access, opportunity, and transparency in the crisis recovery. The report concludes with insights on unwinding government supports and addressing accumulated sovereign debts, and it highlights the questions that will require ongoing, targeted research.
WORLD DEVELOPMENT REPORT December 2021. 150 pages. Stock no. C211730 (ISBN: 978-1-4648-1730-4). US$48.50
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