What are the roles of markets and governments in economic development, and how is this contingent on development constraints?
Answers
Explanation:
Developing countries will be hardest hit by the COVID-19 pandemic. They are facing an unprecedented health and economic crisis, with potentially extreme economic, social and sustainable development consequences that may reverse decades of development progress and further jeopardise efforts to achieve the 2030 Agenda for Sustainable Development.
A significant increase in infections could rapidly overwhelm already weak health systems.
In many developing countries, the pandemic comes in addition to pre-existing food or security crises.
Socio-economic impacts are already being felt and will have long-lasting consequences, possibly reversing decades of progress in poverty eradication: exports in developing Asia are falling, growth in Africa could be halved, and an extra 30 million people in Latin America could fall into poverty.
Containment measures in developing countries will further affect businesses and households, and could disrupt supply chains, engender a food security crisis, and result in increased incidence of gender based violence.
The crisis will aggravate existing development challenges, and while governments have started to respond, their capacity is tightly constrained.
Many developing countries have been grappling with structural vulnerabilities such as persistent social and economic inequalities, conflict and forced displacement, declining trust in government, the impacts of climate change, and environmental fragility.
Crucially, many lack the resources to scale-up health interventions and the fiscal space to implement support measures and minimise disruptions the way OECD countries are currently doing. Moreover, containment measures may be difficult to implement and have ripple effects in contexts of widespread informality and a lack of safety nets for the majority of households. They may have disproportionate impacts for poor people and socially marginalised and excluded groups.
Developing countries urgently need support from the international community. They are entering this crisis with lower fiscal buffers than they had in 2008-09. Twice as many countries have approached the IMF for short-term emergency assistance as in the immediate aftermath of the 2008 global financial crisis.
Answer:
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Explanation:
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