Sangam: A Confluence of Knowledge Streams

Shaping the Macroeconomy of Low- and Middle-income Countries in Response to Covid-19

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dc.creator Raga, Sherillyn
dc.creator Willem te Velde, Dirk
dc.date 2022-03-10T11:15:21Z
dc.date 2022-03-10T11:15:21Z
dc.date 2022-03
dc.date.accessioned 2022-05-26T08:53:36Z
dc.date.available 2022-05-26T08:53:36Z
dc.identifier Raga, S. and Willem te Velde, D. (2022) Shaping the Macroeconomy of Low- and Middle-income Countries in Response to Covid-19, ODI Synthesis paper, London: ODI
dc.identifier https://opendocs.ids.ac.uk/opendocs/handle/20.500.12413/17216
dc.identifier https://cdn.odi.org/media/documents/IDRC_Synthesis_paper_sW6rbZR.pdf
dc.identifier.uri http://localhost:8080/xmlui/handle/CUHPOERS/199008
dc.description There is heterogeneity in the magnitude of the pandemic’s shortterm impact across the five low- and middle-income countries (L&MICs) that are the focus of this synthesis paper: Bangladesh, Kenya, Peru, Sri Lanka and Tanzania. Based on pre-Covid-19 forecasts, Peru was supposed to grow by 3.6% but the pandemic led to an actual contraction of the Peruvian economy by 11% – suggesting 15 percentage points loss of growth due to the pandemic. Similarly, Sri Lanka was forecast to grow by 1.5% but the pandemic led to a -3.6% economic contraction in 2020 – the worst in the country’s 73 years of independence. Meanwhile, Tanzania grew by 4.8% in 2020, which is only about 1 percentage point lower than pre-Covid-19 forecasts. Structural characteristics, initial macroeconomic conditions, and the size and quality of policy responses largely shaped the absolute and distributional impact of Covid-19 in the five L&MICs. Impacts from sharp declines in tourism activities in 2020 were offset partly by increased global demand from their major exports of agricultural products (e.g., Kenya, Peru) and gold (e.g., Tanzania). Bangladesh benefitted from a quick recovery of major trading partners’ demand for garments (comprising 90% of Bangladeshi export).
dc.description IDRC | CRDI
dc.language en
dc.publisher ODI
dc.rights http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights ODI
dc.subject Finance
dc.subject Health
dc.title Shaping the Macroeconomy of Low- and Middle-income Countries in Response to Covid-19
dc.type Other


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