Although in 2022 the gross domestic product (GDP) of many emerging and developing economies will return to pre-pandemic levels, the recovery of GDP per capita will take longer.

In the opinion of the World Bank (WB), to accelerate the recovery, economic stability is required, take advantage of the digital revolution, move towards green growth, and improve health and educational services.

The World Bank (WB) said that the recovery is complex, since while the income of the 40% of the richest countries recovered quickly, that of the 40 poorest countries has not yet begun.

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David Malpass, president of the World Bank, asserted that the acceleration of vaccines to allow a return to normality is essential, but there are also four areas of action, which we will now review.

In the first place we have the economic stability that should lay the foundations for growth in the medium term, so tax structures should be improved and simplified, while eliminating wasteful public spending and increasing the efficiency of service provision and reallocating resources to more productive uses.

Second, it is necessary to take advantage of the digital revolution, as it opens the opportunity to transform many sectors of the economy, such as financial services, education, health or agriculture, and also offers transformative impacts for the public sector, but this requires increasing resources for investments in digital areas and to eliminate monopolies in the telecommunications sector.

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Third is the need to make development greener and more sustainable, so supporting the energy transition to cleaner sources of generation is the entry point. Efforts should focus on commitments to reduce greenhouse gas emissions.

The last and fourth area revolves around finding solutions to improve the quality of health services and improve children's learning, including through digital means and improving equity, Malpass noted in the framework of the Fund's Annual Meetings. International Monetary Fund (IMF) and the World Bank.

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Original note