By Philip Schellekens, Senior Economic Advisor to the Office of the CEO – International Finance Corporation, and Diego Sourrouille, Financial Sector Analyst, Finance, Competitiveness & Innovation Global Practice – World Bank
This blog * is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.
Here’s a striking statistic: Low-income and lower-middle income countries (LICs and LMICs) account for almost half of the global population but they make up only 2 percent of the global death toll attributed to COVID-19. We think this difference is unreal.
Views about the severity of the pandemic have evolved a lot since its outbreak in Wuhan. First, we thought it was just China. But in a matter of weeks, 3.5 million people in 210 countries and territories had become infected. A local epidemic became a full-scale pandemic, entire countries were locked down, and now the world faces the prospect of the worst economic downturn since the Great Depression.
Will we soon have to adjust our views again? Will the burden of COVID-19 mortality soon travel in a different direction? Will new epicenters emerge outside of the high-income world? Is this just the beginning for the developing world? To begin addressing these questions, it is useful to first analyze the reported data and get a better feel for the contrasts and inequalities. Continue reading