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This note brings together current thinking among global and regional teams on governance and institutional approaches to dealing with COVID-19. With a focus on tax policy and revenue administrations, it presents governance and institutional reforms that could support revenue administration responses to the pandemic.1 COVID-19 has brought about a new normal in which work practices should change. Shocks usually trigger responses, and a productive response here will be to automate tax and customs services over the medium term and to massively accelerate the use of digital and virtual technologies.

Coronavirus --- COVID-19 --- Economic Recovery --- Macroeconomics and Economic Growth --- Public Sector Development --- Tax Administration --- Tax Policy --- Taxation and Subsidies

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Global economic growth has picked up in 2021 and has now surpassed its pre-pandemic level. The National Bank of Rwanda (NBR) has maintained an accommodative monetary stance and other measures to support the recovery, taking advantage of low inflation. The government's continued fiscal expansion is also providing support to the economy. Regional integration offers significant benefits for Rwanda, including greater potential for scale economies, opportunities for learning to export and produce higher-quality goods, and cooperation to improve trade facilitation. Regional trade will be enhanced by boosting trade with non- East African Community (EAC) members. The African continental free trade area (AfCFTA) can boost growth and trade integration. The development of Rwanda as a regional logistics hub, serving as an intermediating node between the East and Central Africa regions offers prospects to increase revenues and generate efficiency gains through the concentration of logistics services. The white paper on logistics and distribution services strategy for Rwanda, prepared with the support of the World Bank, laid out a two-phase strategy for the rollout of Rwanda as regional logistic hub. This involved: (i) improving the efficiency of Rwanda's role as a land-bridge for re-exports to Goma in Democratic Republic of Congo (DRC); and (ii) establishing a regional logistics hub in Rwanda linked to a primary multi-modal hub at Kisangani and a secondary multi-modal hub at Kindu.

Business Cycles and Stabilization Policies --- Coronavirus --- COVID-19 --- Economic Growth --- Economic Recovery --- Fiscal and Monetary Policy --- Inequality --- Macroeconomics and Economic Growth --- Poverty Reduction

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John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the appropriate function of the Bank. It cannot be the overall financer of global balance of payment deficits. It can finance economically strategic and productive projects. It can be the bridge between government and private financing, and thereby complement the Marshall Plan. He discussed administration of the Marshall Plan and national self-interest. The opportunity afforded by recovery of Europe and its closer integration remains the first and most promising objective to achieve.

Capital Markets --- Capital Markets and Capital Flows --- Economic Recovery --- Finance and Financial Sector Development --- Financial Crisis Management and Restructuring --- International Financial Markets --- Marshall Plan --- Project Finance

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This paper provides a review and assessment of the current literature on the macroeconomic impact of natural disasters in the Caribbean, including other non-Caribbean studies that may have implications for it. It also discusses, in view of existing studies, what factors may make Caribbean economies more resilient to these extreme events, as well as whether there are damage thresholds beyond which recovery will be more difficult. Finally, recommendations are provided for future data collection and research that might provide further light on the issues.

Climate Change Economics --- Climate Change Impacts --- Debt --- Economic Growth --- Economic Recovery --- Economic Theory and Research --- Environment --- Industrial Economics --- Industry --- Macroeconomics and Economic Growth --- Natural Disasters

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After registering the weakest growth in 14 years during FY2016, economic activity is recovering in Nepal. Agriculture and construction are expected to improve on the account of a good monsoon as well as increased disbursements of housing reconstruction grants. Coupled with in-creased government spending, this is expected to push FY2017 growth to 5 percent and to remain in line with potential thereafter. This edition of the Nepal Development Update examines the key economic developments in Nepal over the preceding months, placing them in a longer term and global perspective. In the Special Focus section, the authors take a closer look at what it would take for the electricity sector to power Nepal's recovery. Over the past decade, power outages in Nepal have increased substantially. Availability of reliable and affordable electricity has become a major constraint for Nepal's development as it hampers the ability to improve living standards, raise agricultural productivity and income, and help youth transition from farming to non-farm employment through creation of new industries at home. Given Nepal's natural endowments, it is not difficult to envision an electricity sector that can support green growth, poverty reduction, and shared prosperity. Such an electricity sector would not only meet domestic demand reliably, affordably, and cleanly, but would earn revenue from export of surplus hydropower through enhanced regional electricity markets to neighboring countries by integrating the wider South Asia power market. Wholesale structural reforms of the electricity sector are needed to achieve this.

Economic Forecasting --- Economic Growth --- Economic Recovery --- Electric Power --- Electricity --- Energy --- Fiscal & Monetary Policy --- Hydro Power --- Hydropower --- Inflation --- Investment Climate --- Macroeconomics and Economic Growth --- Monetary Policy