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Business Reporter
THE World Bank says substantial support from policymakers is needed for developing countries to withstand the severe challenges posed by the Covid-19 pandemic’s economic shock.
Productivity growth, which is now under threat due to global value chain disruptions, is seen as a force that has contributed to lifting millions of people out of poverty in developing countries.
Managing the massive health and economic challenges posed by the Covid-19 pandemic must be the immediate priority, said the bank in a latest update.
As policy makers envision recovery and rebuilding, it said, the task of rekindling productivity growth should be high on their to do lists for regaining lost ground.
“The pandemic is still escalating but the pain it is causing in the lives of billions of people is especially evident in the world’s 74 poorest countries,” it noted.
The World Bank has already approved about US$450 million package to assist Comesa states and will lend about US$50 billion to some of the developing countries towards recovery from the pandemic impact.
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