Running Head: Summary of a News Article

[Name of Student]

[Name of Institute]
 Table of Contents

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Summary....................................................................................................................................2

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Title

“The Global Economic Outlook During the COVID-19 Pandemic: A Changed World”

Summary

In the News Article “The Global Economic Outlook During the COVID-19

Pandemic: A Changed World” by The World Bank can be summarised in the following

paragraphs as follows (The World Bank, 2020).

COVID-19 has changed almost every aspect of our daily lives, and consumer

spending is no different.

“Industrial spending has generally declined as closings have restricted the means we

can spend money on, restaurants and shops have closed, and air travel has ceased. Likewise,

the economic fallout from the coronavirus pandemic has reduced the likelihood that

consumers will spend more, and many expect family incomes to continue to decline in the

months ahead. However, the time we spent indoors meant we spent more on home

entertainment and grocery shopping.”

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 “Each region recorded a significant decline in growth. In East Asia and the Pacific,

growth will only be 0.5%. South Asia was down 2.7%, sub-Saharan Africa by 2.8%, the

Middle East and North Africa by 4.2%, Europe and Central Asia by 4.7% and Latin

America7 by 2%. These delays are likely to undo decades of progress in achieving

development goals and lead tens of thousands of people into extreme poverty.”

Examining how quickly the crisis hit the global economy can shed some light on the

depths of the recession.

“The rapid downward revision of global growth forecasts suggests the possibility of

further downward revisions and the need for further policy interventions in the coming

months to support economic activity.”

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 “Making particular relevance to the projections are the humanitarian and economic

damage that the global recession will inflict on the economy, with large informal sectors

accounting for around a third of GDP and around 70% of total employment in emerging and

emerging economies. Policymakers should consider innovative measures to support these

employees' incomes and encourage credit for these companies.”

“Another key feature of the current forecasts is the historical collapse in oil demand

and oil prices. After the economic restraints are lifted, low oil prices are likely to be the first

pillar of growth, at best, temporarily. But even after a recovery in demand, the negative

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impact on energy exporters could outweigh the commercial benefits for energy importers.

Low oil prices allow oil producers to diversify their economies. In addition, the recent drop in

oil prices could give new impetus to the adoption and deepening of energy subsidy reforms

after the end of the immediate health crisis.”

“In the end I would like to add that global coordination and cooperation is the

measures needed to contain the spread of the pandemic and the economic measures needed to

contain the economic damage, including international assistance - offer the best chance of

meeting public health goals and enabling a strong global recovery to make this possible.”

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 References

The World Bank (2020) The Global Economic Outlook During the COVID-19 Pandemic: A

Changed World, The World Bank.