📉 Global economy to shrink by 5.2% in 2020

PLUS: 71-100 million people will be pushed into extreme poverty. [Having trouble seeing this email?](  [Drone shot of Tbilisi during Lockdown in April 2020 due to Coronavirus. Photo: © Wirestock Images/Shutterstock](  [Global economy expected to shrink by 5.2% in 2020 due to COVID-19]( The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. According to World Bank forecasts, [the global economy will shrink by 5.2% this year.]( Global Poverty: Using the newly launched growth forecasts of June from the Global Economic Prospects, updated global estimates of the impact of coronavirus forecast [71-100 million people will be pushed into extreme poverty.]( New Series: Recovery from COVID-19 will be an opportunity for countries to build resilience, improve inclusion and ensure economic growth. In this new series, we will focus on the ideas and actions that will help countries as they look beyond the pandemic. We will be joined by David Malpass, President of the World Bank Group, Henrietta Fore, Executive Director of UNICEF and African Union Commissioner Josefa Sacko to discuss how food security has been impacted by COVID-19. [Join us live!]( Gender and COVID-19: In Pakistan, women and girls must be at the center of the country’s COVID-19 recovery. [This is how the World Bank is helping.]( Making eyesight digital: As a result of a devastating earthquake in 2017, Salauno - a leading eye care provider in Mexico - was forced to close its new surgical hub and find creative ways to continue serving patients. Three years later, that experience is helping the company [adapt to COVID-19 and offer services to patients through digital and mobile technologies.]( Sustainable recovery: Natural hazards and climate events don’t stop during a health crisis. As countries around the world are in different stages of responding to the COVID-19 emergency, [here are a few lessons from experience in disaster risk management.]( Lending and finance: Alternative lenders using fintech—such as crowdfunding platforms and marketplace lenders— [have been an increasingly important source of financing for small and medium businesses.]( Disaster risk management: Both disasters and health emergencies can come without warning. A constant dialogue between the entities in charge of finance, risk management and health emergencies [will allow for better preparation and planning]( a timely response and recovery. Impact on learning: At the peak of the crisis, about 1.6 billion children across the world were not at school. As schools look to re-open, [here are four clear messages]( education systems should deliver to school leaders to improve student well-being and engagement. A regional perspective: World Bank’s calculations suggest that around 20 million jobs will be destroyed in the Latin America and Caribbean region this year. The current crisis, although deep and painful, [offers the unique opportunity]( to reach broad social and political agreements to move toward these goals. Food security: Even before the global COVID-19 pandemic broke out, food insecurity was a serious concern throughout sub-Saharan Africa. [Countries must take action now]( to build more resilient and productive food systems in the region to support food security during this pandemic and beyond. Go deeper: Learn how the World Bank Group is responding to the COVID-19 (coronavirus) pandemic. Explore our multilingual portal. [Click, bookmark and come back for updates.]( [Facebook]( [Twitter](  [© Flore de Préneuf/World Bank](  [Climate finance is critical for change]( With tailored solutions, the World Bank Group is helping countries confront the economic and environmental impacts of climate change. For farmers in Vietnam’s Mekong Delta, this means investing in adaptation to ensure a sustainable recovery. [Facebook]( [Twitter]( [© World Bank](  [For Madagascar’s fisheries, balancing conservation and exploitation are key]( Although fishing is essential for the Madagascar economy, as well as for the livelihood of several thousand individuals, this sector faces numerous and complex challenges. A World Bank project focuses on five target areas identified as strategic for fishing and for the sector’s growth. [Facebook]( [Twitter]( --------------------------------------------------------------- Results That Change Lives --------------------------------------------------------------- [Credit: World Bank]( Meet Edna Daii, and her partner Lilian Dada. Together, they’re helping to end TB on Papua New Guinea’s Daru Island. [Watch their story.]( Related link: Read more [#ChangingLives stories.]( [Facebook]( [Twitter]( --------------------------------------------------------------- Broadcast Series & Virtual Events --------------------------------------------------------------- [© World Bank/Ousmane Traore]( [Replay: Protecting people through innovation and good policy in the COVID era]( World Bank Managing Director Mari Pangestu kicked off this 90-minute session which saw government leaders, NGO partners, and innovators showcasing examples of policy actions and both public and private sector-led responses—across education, health, food security, digital connectivity, and social protection. Catch the replay now! [Facebook]( [Twitter]( [© Simone D. McCourtie/World Bank]( [Replay: Coronavirus Live Series: Bridging the digital divide]( The internet has been vital in connecting us to friends, family, work and school during COVID-19, but the poorest countries and people are being left behind. What can we do to support digital inclusion? Boutheina Guermazi, our Director of Digital Development, shared her ideas. [Facebook]( [Twitter]( [© World Bank/Sambrian Mbaabu]( [Replay: Lasting scars: Recovering from the global impact of the pandemic]( The COVID-19 pandemic has delivered a global economic shock of enormous magnitude, leading to steep recessions that will leave lasting scars in many developing countries. What are the likely long-term consequences? Watch a replay of our conversation. [Facebook]( [Twitter]( --------------------------------------------------------------- In the News --------------------------------------------------------------- - [South Asia Ramps up Eco-Innovation to Curb Marine Plastic Pollution]( - [World Bank Strengthens Support for Urban Transportation in Bhutan]( - [Alexandria Valerio Appointed World Bank Representative for Dominican Republic]( --------------------------------------------------------------- Social Media --------------------------------------------------------------- [Grace Jumah, one of the winners of the @WorldBank @ft4s blog competition, on how education unlocks the potential of young people: #LearningPoverty]( [FREE ONLINE COURSE: Global Value Chains (#GVCs) now account for almost half of all international #trade. Learn how GVCs can become more sustainable and inclusive for the benefit of all. #OpenLearningCampus #LearnFromHome #WorldBank #MOOC #WDR2020]( --------------------------------------------------------------- Data Chart --------------------------------------------------------------- [Impact of COVID-19 on global extreme poverty ]( the newly launched growth forecasts of June from the Global Economic Prospects, we can update the estimate of the pandemic’s impact on global poverty. The new growth forecasts contain two scenarios—baseline and downside—allowing us to explore two different scenarios for how the pandemic may impact poverty. The baseline scenario assumes that the outbreak remains at levels currently expected and that activity recovers later this year, while the downside scenario assumes that outbreaks persist longer than expected, forcing lockdown measures to be maintained or reintroduced. 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