Kevin P. Gallagher, William R. Kring and Jose Antonio Ocampo, UN News
The COVID-19 pandemic has also morphed into a larger and more global economic and social crisis than the financial collapse of 2008-2009. High income countries have done well to backstop their financial systems and have also begun to advance bold stimulus packages for recovery. However, emerging markets and developing countries lack the wherewithal for such a response and worse—they are experiencing flight of portfolio capital like in no other period in their memories.
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