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Global Integration Is More Important than Ever to Contain the Economic and Health Fallout and Exit the COVID-19 Pandemic Crisis

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  • Nixon, Stewart

Abstract

As the world faces its most significant health and economic crisis in almost one hundred years, international cooperation and global integration face their own watershed moment. Large developed economies cannot escape the fallout from isolationism but have greater resources to weatherthe storm. Developing countries that rely upon large external economies, essential supply chains including food and medicine, inflows of capital and visitors, and participation in international labor markets are particularly vulnerable to a nationalistic crisis response. Global problems require coordinated global solutions to prevent disease from leading to widespread famine and death and economic contraction from disproportionately harming the most vulnerable. Global integration remains essential to developing country efforts to deal with the pandemic and recovery.Crisis-induced nationalist measures can be expected to increase the severity and duration of the economic downturn. This brief highlights the relative vulnerability of developing countries to a fractured global crisis response and how making international cooperation and exchange moredependable and crisis-proof can reduce vulnerability.

Suggested Citation

  • Nixon, Stewart, 2020. "Global Integration Is More Important than Ever to Contain the Economic and Health Fallout and Exit the COVID-19 Pandemic Crisis," Research and Policy Briefs 152015, The World Bank.
  • Handle: RePEc:wbk:wbkrpb:152015
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    References listed on IDEAS

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    1. Martin Ravallion, 2018. "Inequality and Globalization: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 56(2), pages 620-642, June.
    2. Ravindra Deyshappria, 2018. "Globalization-Poverty Nexuses: Evidences from Cross-Country Analysis," Empirical Economic Review, Department of Economics and Statistics, Dr Hassan Murad School of Management, University of Management and Technology, Lahore, vol. 1(1), pages 25-48.
    3. Loayza,Norman V., 2020. "Costs and Trade-Offs in the Fight Against the COVID-19 Pandemic : A Developing Country Perspective," Research and Policy Briefs 148535, The World Bank.
    4. Sergi Basco & Martí Mestieri, 2019. "The world income distribution: the effects of international unbundling of production," Journal of Economic Growth, Springer, vol. 24(2), pages 189-221, June.
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    2. Kesar Oliver, 2022. "Building a Resilient Local Economy: The Influence of Global Crises on Deglobalization of the Tourism Supply System," Zagreb International Review of Economics and Business, Sciendo, vol. 25(s1), pages 105-123.

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