On Tuesday, the World Bank said that nations should be pursuing sustainable policies in their COVID-19 recovery plans, urging them to adopt “greener, smarter, more equitable” strategies.
The global economic devastation caused by the COVID-19 pandemic is giving countries the opportunity to reconstruct their nations around more progressive policies that tackle deeply entrenched social and economic issues.
“The pandemic has caused per capita incomes to fall in more than 90 percent of emerging markets and developing economies (EMDEs), tipping millions back into poverty,” said the report from the bank’s winter edition of its Global Economic Prospects.
“Left unaddressed, the problem of unsustainable debt, and restructurings that do too little, will delay vital recoveries, especially in the poorest countries,” says World Bank President David Malpass, according to Al Jazeera. “Economic disruptions caused by the COVID-19 pandemic are giving countries an opportunity to pursue greener, smarter, more equitable development paths.”
Achieving sustainable COVID-19 recovery policies without incurring debt in the developing world is going to be a difficult task with already-weakened economies being hung out to dry over the last year.
One potential policy solution was discussed in an Essential Millennial column that proposes using a UBI to cushion developing nations’ poorest and most vulnerable citizens during the COVID-19 pandemic.