Building Resilience in the Developing World
The severe economic impact of COVID-19 has reversed decades of progress in the developing world, undermining these countries’ ability to invest in climate adaptation and pandemic preparedness. To strengthen resilience and restore biodiversity, they must attract private and institutional capital.
BEIJING – In its latest World Economic Outlook, the International Monetary Fund notes in passing that the economic impact of COVID-19 on emerging and developing economies has been much more severe than previously thought. While GDP growth rates in the developed world have returned to their pre-pandemic trends, those of developing countries are even lower.