example of extemporaneous speech about covid 19

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2 Minute Speech on Covid-19 (CoronaVirus) for Students

The year, 2019, saw the discovery of the coronavirus illness, Covid-19 . The pandemic affected the whole world. COVID-19 devastated millions of people, either they fell unwell or passed away due to the sickness. The most common symptoms of this viral illness include a high temperature, cough, bone pain, and difficulties with the respiratory system. In addition to these symptoms, patients infected with the coronavirus could also feel weariness, a sore throat, muscular discomfort, and a loss of taste or smell.

10 Lines Speech on COVID-19 for Students

Humans created the Coronavirus in the city of Wuhan in China, where it first appeared.

The first confirmed case of the Coronavirus was found in India in January in the year 2020.

Protecting ourselves against the coronavirus is essential by covering our mouths and noses with masks when we cough or sneeze to prevent the infection from spreading.

We must constantly wash our hands with antibacterial soap and face masks to protect ourselves.

To ensure our safety, the government ordered the whole nation's closure to halt the virus's spread.

The virus forced study classes to be taken online, as schools and institutions were shut down.

Due to COVID-19, everyone was instructed to stay indoors throughout the lockdown.

During this period, everyone spent a lot of time playing games with their family members.

Even though the cases of COVID-19 are a lot less now, we should still take precautions.

Short 2-Minute Speech on Covid 19 for Students

The coronavirus, also known as COVID-19 , causes a severe illness. Those who are exposed to it become sick in their lungs. A brand-new virus is having a devastating effect throughout the globe. It's being passed from person to person via social interaction.

The first instance of COVID-19 was discovered in December 2019 in Wuhan, China . The World Health Organization proclaimed the COVID-19 pandemic in March 2020. It has now reached every country in the globe. Droplets produced by an infected person's cough or sneeze might infect those nearby.

The severity of Covid-19 symptoms varies widely. Symptoms aren't always present. The typical symptoms are high temperatures, a dry cough, and difficulty breathing. COVID-19 individuals also exhibit other symptoms such as weakness, a sore throat, muscular soreness, and a diminished sense of smell and taste.

Many countries have produced COVID-19 vaccination but the effect of it is different for every individual. The only treatment then is to avoid contracting in the first place. We can accomplish that by following these protocols—

Put on a mask to hide your face. Use soap and hand sanitiser often to keep germs at bay.

Keep a distance of 5 to 6 feet at all times.

Never put your fingers in your mouth or nose.

Long 2-Minute Speech on Covid 19 for Students

As students, we need to understand the gravity of the situation regarding the COVID-19 pandemic and the impact it has on our communities and the world at large. In this speech, I will discuss real-world examples of the effects of the pandemic and its impact on various aspects of our lives.

Impact on the Economy | The COVID-19 pandemic has had a significant impact on the global economy. We have seen how businesses have been forced to close their doors, leading to widespread job loss and economic hardship. Many individuals and families have been struggling to make ends meet, and this has led to a rise in poverty and inequality.

Impact on Healthcare Systems | The pandemic has also put a strain on healthcare systems around the world. Hospitals have been overwhelmed with patients, and healthcare workers have been stretched to their limits. This has highlighted the importance of investing in healthcare systems and ensuring they are prepared for future crises.

Impact on Education | The pandemic has also affected the education system, with schools and universities being closed around the world. This has led to a shift towards online learning and the use of technology to continue education remotely. However, it has also highlighted the digital divide, with many students from low-income backgrounds faced difficulties in accessing online learning.

Impact on Mental Health | The pandemic has not only affected our physical health but also our mental health. We have seen how the isolation and uncertainty caused by the pandemic have led to an increase in stress, anxiety, and depression. We must take care of our mental health and support each other during this difficult time.

Real-life Story of a Student

John is a high school student who was determined to succeed despite the struggles brought on by the Covid-19 pandemic.

John's school closed down in the early days of the pandemic, and he quickly found himself struggling to adjust to online learning. Without the support of in-person classes, John found it difficult to stay focused and motivated. He also faced challenges at home, as his parents were both essential workers and were often not available to help him with his schoolwork.

Despite these struggles, John refused to let the pandemic defeat him. He made a schedule for himself, to stay on top of his assignments and set goals for himself. He also reached out to his teachers for additional support, and they were more than happy to help.

John also found ways to stay connected with his classmates and friends, even though they were physically apart. They formed a study group and would meet regularly over Zoom to discuss their assignments and support each other.

Thanks to his hard work and determination, John was able to maintain good grades and even improve in some subjects. He graduated high school on time and was even accepted into his first-choice college.

John's story is a testament to the resilience and determination of students everywhere. Despite the challenges brought on by the pandemic, he was able to succeed and achieve his goals. He shows us that with hard work, determination, and support, we can overcome even the toughest of obstacles.

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The White House 1600 Pennsylvania Ave NW Washington, DC 20500

Remarks by President   Biden on Fighting the COVID- ⁠ 19   Pandemic

5:02 P.M. EDT THE PRESIDENT:  Good evening, my fellow Americans.  I want to talk to you about where we are in the battle against COVID-19, the progress we’ve made, and the work we have left to do. And it starts with understanding this: Even as the Delta variant 19 [sic] has — COVID-19 — has been hitting this country hard, we have the tools to combat the virus, if we can come together as a country and use those tools. If we raise our vaccination rate, protect ourselves and others with masking and expanded testing, and identify people who are infected, we can and we will turn the tide on COVID-19. It will take a lot of hard work, and it’s going to take some time.  Many of us are frustrated with the nearly 80 million Americans who are still not vaccinated, even though the vaccine is safe, effective, and free. You might be confused about what is true and what is false about COVID-19.  So before I outline the new steps to fight COVID-19 that I’m going to be announcing tonight, let me give you some clear information about where we stand. First, we have cons- — we have made considerable progress in battling COVID-19.  When I became President, about 2 million Americans were fully vaccinated.  Today, over 175 million Americans have that protection.  Before I took office, we hadn’t ordered enough vaccine for every American.  Just weeks in office, we did.  The week before I took office, on January 20th of this year, over 25,000 Americans died that week from COVID-19.  Last week, that grim weekly toll was down 70 percent. And in the three months before I took office, our economy was faltering, creating just 50,000 jobs a month.  We’re now averaging 700,000 new jobs a month in the past three months. This progress is real.  But while America is in much better shape than it was seven months ago when I took office, I need to tell you a second fact. We’re in a tough stretch, and it could last for a while.  The highly contagious Delta variant that I began to warn America about back in July spread in late summer like it did in other countries before us. While the vaccines provide strong protections for the vaccinated, we read about, we hear about, and we see the stories of hospitalized people, people on their death beds, among the unvaccinated over these past few weeks.  This is a pandemic of the unvaccinated.  And it’s caused by the fact that despite America having an unprecedented and successful vaccination program, despite the fact that for almost five months free vaccines have been available in 80,000 different locations, we still have nearly 80 million Americans who have failed to get the shot.  And to make matters worse, there are elected officials actively working to undermine the fight against COVID-19.  Instead of encouraging people to get vaccinated and mask up, they’re ordering mobile morgues for the unvaccinated dying from COVID in their communities.  This is totally unacceptable. Third, if you wonder how all this adds up, here’s the math:  The vast majority of Americans are doing the right thing.  Nearly three quarters of the eligible have gotten at least one shot, but one quarter has not gotten any.  That’s nearly 80 million Americans not vaccinated.  And in a country as large as ours, that’s 25 percent minority.  That 25 percent can cause a lot of damage — and they are. The unvaccinated overcrowd our hospitals, are overrunning the emergency rooms and intensive care units, leaving no room for someone with a heart attack, or pancreitis [pancreatitis], or cancer. And fourth, I want to emphasize that the vaccines provide very strong protection from severe illness from COVID-19.  I know there’s a lot of confusion and misinformation.  But the world’s leading scientists confirm that if you are fully vaccinated, your risk of severe illness from COVID-19 is very low.  In fact, based on available data from the summer, only one of out of every 160,000 fully vaccinated Americans was hospitalized for COVID per day. These are the facts.  So here’s where we stand: The path ahead, even with the Delta variant, is not nearly as bad as last winter.  But what makes it incredibly more frustrating is that we have the tools to combat COVID-19, and a distinct minority of Americans –supported by a distinct minority of elected officials — are keeping us from turning the corner.  These pandemic politics, as I refer to, are making people sick, causing unvaccinated people to die.  We cannot allow these actions to stand in the way of protecting the large majority of Americans who have done their part and want to get back to life as normal.  As your President, I’m announcing tonight a new plan to require more Americans to be vaccinated, to combat those blocking public health.  My plan also increases testing, protects our economy, and will make our kids safer in schools.  It consists of six broad areas of action and many specific measures in each that — and each of those actions that you can read more about at WhiteHouse.gov.  WhiteHouse.gov. The measures — these are going to take time to have full impact.  But if we implement them, I believe and the scientists indicate, that in the months ahead we can reduce the number of unvaccinated Americans, decrease hospitalizations and deaths, and allow our children to go to school safely and keep our economy strong by keeping businesses open. First, we must increase vaccinations among the unvaccinated with new vaccination requirements.  Of the nearly 80 million eligible Americans who have not gotten vaccinated, many said they were waiting for approval from the Food and Drug Administration — the FDA.  Well, last month, the FDA granted that approval. So, the time for waiting is over.  This summer, we made progress through the combination of vaccine requirements and incentives, as well as the FDA approval.  Four million more people got their first shot in August than they did in July.  But we need to do more.  This is not about freedom or personal choice.  It’s about protecting yourself and those around you — the people you work with, the people you care about, the people you love. My job as President is to protect all Americans.  So, tonight, I’m announcing that the Department of Labor is developing an emergency rule to require all employers with 100 or more employees, that together employ over 80 million workers, to ensure their workforces are fully vaccinated or show a negative test at least once a week. Some of the biggest companies are already requiring this: United Airlines, Disney, Tysons Food, and even Fox News. The bottom line: We’re going to protect vaccinated workers from unvaccinated co-workers.  We’re going to reduce the spread of COVID-19 by increasing the share of the workforce that is vaccinated in businesses all across America. My plan will extend the vaccination requirements that I previously issued in the healthcare field.  Already, I’ve announced, we’ll be requiring vaccinations that all nursing home workers who treat patients on Medicare and Medicaid, because I have that federal authority. Tonight, I’m using that same authority to expand that to cover those who work in hospitals, home healthcare facilities, or other medical facilities –- a total of 17 million healthcare workers. If you’re seeking care at a health facility, you should be able to know that the people treating you are vaccinated.  Simple.  Straightforward.  Period. Next, I will sign an executive order that will now require all executive branch federal employees to be vaccinated — all.  And I’ve signed another executive order that will require federal contractors to do the same. If you want to work with the federal government and do business with us, get vaccinated.  If you want to do business with the federal government, vaccinate your workforce.  And tonight, I’m removing one of the last remaining obstacles that make it difficult for you to get vaccinated. The Department of Labor will require employers with 100 or more workers to give those workers paid time off to get vaccinated.  No one should lose pay in order to get vaccinated or take a loved one to get vaccinated. Today, in total, the vaccine requirements in my plan will affect about 100 million Americans –- two thirds of all workers.  And for other sectors, I issue this appeal: To those of you running large entertainment venues — from sports arenas to concert venues to movie theaters — please require folks to get vaccinated or show a negative test as a condition of entry. And to the nation’s family physicians, pediatricians, GPs — general practitioners –- you’re the most trusted medical voice to your patients.  You may be the one person who can get someone to change their mind about being vaccinated.  Tonight, I’m asking each of you to reach out to your unvaccinated patients over the next two weeks and make a personal appeal to them to get the shot.  America needs your personal involvement in this critical effort. And my message to unvaccinated Americans is this: What more is there to wait for?  What more do you need to see?  We’ve made vaccinations free, safe, and convenient. The vaccine has FDA approval.  Over 200 million Americans have gotten at least one shot.  We’ve been patient, but our patience is wearing thin.  And your refusal has cost all of us.  So, please, do the right thing.  But just don’t take it from me; listen to the voices of unvaccinated Americans who are lying in hospital beds, taking their final breaths, saying, “If only I had gotten vaccinated.”  “If only.” It’s a tragedy.  Please don’t let it become yours. The second piece of my plan is continuing to protect the vaccinated. For the vast majority of you who have gotten vaccinated, I understand your anger at those who haven’t gotten vaccinated.  I understand the anxiety about getting a “breakthrough” case. But as the science makes clear, if you’re fully vaccinated, you’re highly protected from severe illness, even if you get COVID-19.   In fact, recent data indicates there is only one confirmed positive case per 5,000 fully vaccinated Americans per day. You’re as safe as possible, and we’re doing everything we can to keep it that way — keep it that way, keep you safe. That’s where boosters come in — the shots that give you even more protection than after your second shot. Now, I know there’s been some confusion about boosters.  So, let me be clear: Last month, our top government doctors announced an initial plan for booster shots for vaccinated Americans.  They believe that a booster is likely to provide the highest level of protection yet. Of course, the decision of which booster shots to give, when to start them, and who will give them, will be left completely to the scientists at the FDA and the Centers for Disease Control. But while we wait, we’ve done our part.  We’ve bought enough boosters — enough booster shots — and the distribution system is ready to administer them. As soon as they are authorized, those eligible will be able to get a booster right away in tens of thousands of site across the — sites across the country for most Americans, at your nearby drug store, and for free.  The third piece of my plan is keeping — and maybe the most important — is keeping our children safe and our schools open.  For any parent, it doesn’t matter how low the risk of any illness or accident is when it comes to your child or grandchild.  Trust me, I know.  So, let me speak to you directly.  Let me speak to you directly to help ease some of your worries. It comes down to two separate categories: children ages 12 and older who are eligible for a vaccine now, and children ages 11 and under who are not are yet eligible. The safest thing for your child 12 and older is to get them vaccinated.  They get vaccinated for a lot of things.  That’s it.  Get them vaccinated. As with adults, almost all the serious COVID-19 cases we’re seeing among adolescents are in unvaccinated 12- to 17-year-olds — an age group that lags behind in vaccination rates. So, parents, please get your teenager vaccinated. What about children under the age of 12 who can’t get vaccinated yet?  Well, the best way for a parent to protect their child under the age of 12 starts at home.  Every parent, every teen sibling, every caregiver around them should be vaccinated.   Children have four times higher chance of getting hospitalized if they live in a state with low vaccination rates rather than the states with high vaccination rates.  Now, if you’re a parent of a young child, you’re wondering when will it be — when will it be — the vaccine available for them.  I strongly support an independent scientific review for vaccine uses for children under 12.  We can’t take shortcuts with that scientific work.  But I’ve made it clear I will do everything within my power to support the FDA with any resource it needs to continue to do this as safely and as quickly as possible, and our nation’s top doctors are committed to keeping the public at large updated on the process so parents can plan. Now to the schools.  We know that if schools follow the science and implement the safety measures — like testing, masking, adequate ventilation systems that we provided the money for, social distancing, and vaccinations — then children can be safe from COVID-19 in schools. Today, about 90 percent of school staff and teachers are vaccinated.  We should get that to 100 percent.  My administration has already acquired teachers at the schools run by the Defense Department — because I have the authority as President in the federal system — the Defense Department and the Interior Department — to get vaccinated.  That’s authority I possess.  Tonight, I’m announcing that we’ll require all of nearly 300,000 educators in the federal paid program, Head Start program, must be vaccinated as well to protect your youngest — our youngest — most precious Americans and give parents the comfort. And tonight, I’m calling on all governors to require vaccination for all teachers and staff.  Some already have done so, but we need more to step up.  Vaccination requirements in schools are nothing new.  They work.  They’re overwhelmingly supported by educators and their unions.  And to all school officials trying to do the right thing by our children: I’ll always be on your side.  Let me be blunt.  My plan also takes on elected officials and states that are undermining you and these lifesaving actions.  Right now, local school officials are trying to keep children safe in a pandemic while their governor picks a fight with them and even threatens their salaries or their jobs.  Talk about bullying in schools.  If they’ll not help — if these governors won’t help us beat the pandemic, I’ll use my power as President to get them out of the way.  The Department of Education has already begun to take legal action against states undermining protection that local school officials have ordered.  Any teacher or school official whose pay is withheld for doing the right thing, we will have that pay restored by the federal government 100 percent.  I promise you I will have your back.  The fourth piece of my plan is increasing testing and masking.  From the start, America has failed to do enough COVID-19 testing.  In order to better detect and control the Delta variant, I’m taking steps tonight to make testing more available, more affordable, and more convenient.  I’ll use the Defense Production Act to increase production of rapid tests, including those that you can use at home.  While that production is ramping up, my administration has worked with top retailers, like Walmart, Amazon, and Kroger’s, and tonight we’re announcing that, no later than next week, each of these outlets will start to sell at-home rapid test kits at cost for the next three months.  This is an immediate price reduction for at-home test kits for up to 35 percent reduction. We’ll also expand — expand free testing at 10,000 pharmacies around the country.  And we’ll commit — we’re committing $2 billion to purchase nearly 300 million rapid tests for distribution to community health centers, food banks, schools, so that every American, no matter their income, can access free and convenient tests.  This is important to everyone, particularly for a parent or a child — with a child not old enough to be vaccinated.  You’ll be able to test them at home and test those around them. In addition to testing, we know masking helps stop the spread of COVID-19.  That’s why when I came into office, I required masks for all federal buildings and on federal lands, on airlines, and other modes of transportation.   Today — tonight, I’m announcing that the Transportation Safety Administration — the TSA — will double the fines on travelers that refuse to mask.  If you break the rules, be prepared to pay.  And, by the way, show some respect.  The anger you see on television toward flight attendants and others doing their job is wrong; it’s ugly.  The fifth piece of my plan is protecting our economic recovery.  Because of our vaccination program and the American Rescue Plan, which we passed early in my administration, we’ve had record job creation for a new administration, economic growth unmatched in 40 years.  We cannot let unvaccinated do this progress — undo it, turn it back.  So tonight, I’m announcing additional steps to strengthen our economic recovery.  We’ll be expanding COVID-19 Economic Injury Disaster Loan programs.  That’s a program that’s going to allow small businesses to borrow up to $2 million from the current $500,000 to keep going if COVID-19 impacts on their sales.  These low-interest, long-term loans require no repayment for two years and be can used to hire and retain workers, purchase inventory, or even pay down higher cost debt racked up since the pandemic began.  I’ll also be taking additional steps to help small businesses stay afloat during the pandemic.  Sixth, we’re going to continue to improve the care of those who do get COVID-19.  In early July, I announced the deployment of surge response teams.  These are teams comprised of experts from the Department of Health and Human Services, the CDC, the Defense Department, and the Federal Emergency Management Agency — FEMA — to areas in the country that need help to stem the spread of COVID-19.  Since then, the federal government has deployed nearly 1,000 staff, including doctors, nurses, paramedics, into 18 states.  Today, I’m announcing that the Defense Department will double the number of military health teams that they’ll deploy to help their fellow Americans in hospitals around the country.  Additionally, we’re increasing the availability of new medicines recommended by real doctors, not conspir- — conspiracy theorists.  The monoclonal antibody treatments have been shown to reduce the risk of hospitalization by up to 70 percent for unvaccinated people at risk of developing sefe- — severe disease.  We’ve already distributed 1.4 million courses of these treatments to save lives and reduce the strain on hospitals.  Tonight, I’m announcing we will increase the average pace of shipment across the country of free monoclonal antibody treatments by another 50 percent. Before I close, let me say this: Communities of color are disproportionately impacted by this virus.  And as we continue to battle COVID-19, we will ensure that equity continues to be at the center of our response.  We’ll ensure that everyone is reached.  My first responsibility as President is to protect the American people and make sure we have enough vaccine for every American, including enough boosters for every American who’s approved to get one.  We also know this virus transcends borders.  That’s why, even as we execute this plan at home, we need to continue fighting the virus overseas, continue to be the arsenal of vaccines.  We’re proud to have donated nearly 140 million vaccines over 90 countries, more than all other countries combined, including Europe, China, and Russia combined.  That’s American leadership on a global stage, and that’s just the beginning. We’ve also now started to ship another 500 million COVID vaccines — Pfizer vaccines — purchased to donate to 100 lower-income countries in need of vaccines.  And I’ll be announcing additional steps to help the rest of the world later this month. As I recently released the key parts of my pandemic preparedness plan so that America isn’t caught flat-footed when a new pandemic comes again — as it will — next month, I’m also going to release the plan in greater detail. So let me close with this: We have so- — we’ve made so much progress during the past seven months of this pandemic.  The recent increases in vaccinations in August already are having an impact in some states where case counts are dropping in recent days.  Even so, we remain at a critical moment, a critical time.  We have the tools.  Now we just have to finish the job with truth, with science, with confidence, and together as one nation. Look, we’re the United States of America.  There’s nothing — not a single thing — we’re unable to do if we do it together.  So let’s stay together. God bless you all and all those who continue to serve on the frontlines of this pandemic.  And may God protect our troops. Get vaccinated. 5:28 P.M. EDT

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“Now is the time for unity”

About the author, antónio guterres.

António Guterres is the ninth Secretary-General of the United Nations, who took office on 1st January 2017.

The Covid-19 pandemic is one of the most dangerous challenges this world has faced in our lifetime. It is above all a human crisis with severe health and socio-economic consequences. 

The World Health Organization, with thousands of its staff, is on the front lines, supporting Member States and their societies, especially the most vulnerable among them, with guidance, training, equipment and concrete life-saving services as they fight the virus.  

The World Health Organization must be supported, as it is absolutely critical to the world’s efforts to win the war against Covid-19.

I witnessed first-hand the courage and determination of WHO staff when I visited the Democratic Republic of the Congo last year, where WHO staff are working in precarious conditions and very dangerous remote locations as they fight the deadly Ebola virus. It has been a remarkable success for WHO that no new cases of Ebola have been registered in months. 

It is my belief that the World Health Organization must be supported, as it is absolutely critical to the world’s efforts to win the war against Covid-19.  

This virus is unprecedented in our lifetime and requires an unprecedented response. Obviously, in such conditions, it is possible that the same facts have had different readings by different entities. Once we have finally turned the page on this epidemic, there must be a time to look back fully to understand how such a disease emerged and spread its devastation so quickly across the globe, and how all those involved reacted to the crisis. The lessons learned will be essential to effectively address similar challenges, as they may arise in the future. 

But now is not that time. Now is the time for unity, for the international community to work together in solidarity to stop this virus and its shattering consequences.   

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Dr. David Nabarro has dedicated his life to global health. After a long career that’s taken him from the horrors of war torn Iraq, to the devastating aftermath of the Indian Ocean tsunami, he is still spurred to action by the tremendous inequalities in global access to medical care.

“The thing that keeps me awake most at night is the rampant inequities in our world…We see an awful lot of needless suffering.”

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Reversing the Inequality Pandemic: Speech by World Bank Group President David Malpass

World Bank Group President David Malpass

Speech at Frankfurt School of Finance and Management

You can watch the replay of the event  here

Introduction

Thank you, Jens. And thanks to Frankfurt School and the Bundesbank for hosting me virtually. I look forward to engaging with you and taking questions from students, who will be future business leaders in a post-COVID world. I’m here to set the stage ahead of the IMF and World Bank Group’s Annual Meetings, which will focus primarily on COVID and debt, and will also engage partners in urgent discussions on human capital, climate change, and digital development.

Before I begin, I would be remiss not to mention that this is the first time that the positioning speech for the World Bank Group Annual Meetings is being held in continental Europe. Germany is a major anchor for the World Bank Group and the rest of Europe; it is IBRD’s fourth largest shareholder, and the fourth largest contributor to IDA, and Chancellor Merkel has always been a strong supporter of World Bank Group priorities, including tackling debt and COVID, as well as action on global public goods. I understand that these priorities are also the focus of Germany’s EU Presidency, which runs through the end of 2020.

As Jens said, the COVID-19 pandemic is a crisis like no other. Its toll has been massive and people in the poorest countries are likely to suffer the most and the longest. The pandemic has taken lives and disrupted livelihoods in every corner of the globe. It has knocked more economies into simultaneous recession than at any time since 1870. And it could lead to the first wave of a lost decade burdened by weak growth, a collapse in many health and education systems, and excessive debt.

The pandemic has already changed our world decisively and forced upon the world a painful transformation. It has changed everything : the way we work, the extent to which we travel, and the manner in which we communicate, teach, and learn. It has rapidly elevated some industries—especially the technology sector—while pushing others toward obsolescence.

Our approach has been comprehensive—focused on saving lives, protecting the poor and vulnerable, ensuring sustainable business growth, and rebuilding in better ways. Today, I’m going to focus on four urgent aspects of this work: first, the need to redouble efforts to alleviate poverty and inequality ; second, the associated loss of human capital and what must be done to restore it; third, the urgent need to help the poorest countries make their government debt more transparent and permanently reduce their debt burdens, two necessary steps to attract effective investment; and finally, how we can cooperate to facilitate the changes needed for an inclusive and resilient recovery .

Topic 1: Poverty and Inequality

First, on poverty and inequality, COVID-19 has dealt an unprecedented setback to the worldwide effort to end extreme poverty, raise median incomes and create shared prosperity.

Jens has referred to the World Bank’s new poverty projections, which suggest that by 2021 an additional 110 to 150 million people will have fallen into extreme poverty, living on less than $1.90 per day. This means that the pandemic and global recession may push over 1.4% of the world’s population into extreme poverty.

The current crisis is a sharp contrast from the recession of 2008, which focused much of its damage on financial assets and hit advanced economies harder than developing countries. This time, the economic downturn is broader, much deeper, and has hit informal sector workers and the poor, especially women and children, harder than those with higher incomes or assets.

One reason for the differential impact is the advanced economies’ sweeping expansion of government spending programs. Rich countries have had the resources to protect their citizens to an extent many developing countries have not. Another is central bank asset purchases. The scale of such purchases is unprecedented and has successfully propped up global financial markets. This benefits the well-to-do and those with guaranteed pensions, especially in the rich world, but it is not clear, either in textbook theory or in practice, how 0% interest rates and ever-expanding government asset and liability balances will translate into new jobs, profitable small businesses, or rising median income—key steps in reversing inequality.

Poorer economies have fewer macro-economic tools and stabilizers and suffer from weaker health care systems and social safety nets. For them, there are no fast ways to reverse the sudden reduction in their sales to consumers in advanced economies or the almost overnight collapse in tourism and remittances from family members working abroad. It’s clear that sustainable recoveries will require growth that benefits all people—and not just those in positions of power. In an interconnected world, where people are more informed than ever before, this pandemic of inequality—with rising poverty and declining median incomes—will increasingly be a threat to the maintenance of social order and political stability, and even to the defense of democracy.

Topic 2: Human Capital

Second, on human capital, developing countries were making significant progress before COVID-19—and, notably, starting to close gender gaps. Human capital is what drives sustainable economic growth and poverty reduction. It consists of the knowledge, skills, and quality of health that people gain over their lives. It is associated with higher earnings for people, higher income for countries, and stronger cohesion in societies.

Since the outbreak, however, more than 1.6 billion children in developing countries have been out of school because of COVID-19, implying a potential loss of as much as $10 trillion in lifetime earnings for these students. Gender-based violence is on the rise, and child mortality is also likely to increase in coming years: our early estimates suggest a potential increase of up to 45% in child mortality because of health-service shortfalls and reductions in access to food.

These setbacks imply a long-term hit to productivity, income growth and social cohesion—which is why we’re doing everything we can to bolster health and education in developing countries. In the area of health, the World Bank Group worked with our Board in March to establish a fast-track COVID response that has delivered emergency support to 111 countries so far. Most projects are now in advanced stages of disbursement for the purchase of COVID-related health supplies, such as masks and emergency room equipment.

Our goal was to take broad, fast action early and to provide large net positive flows to the world’s poorest countries. We are making good progress toward our announced 15-month target of $160 billion in surge financing, much of it to the poorest countries and to private sectors for trade finance and working capital. Over $50 billion of that support takes the form of grants or low-rate, long-maturity loans, providing key resources to maintain or expand health care systems and social safety nets. Both are likely to play a key near-term role in survival and health for millions of families.

We are also taking action to help developing countries with COVID vaccines and therapeutics. I announced last week that, by extending and expanding our fast-track approach to address the COVID emergency, we plan to make available up to $12 billion to countries for the purchase and deployment of COVID-19 vaccines once the vaccines have been approved by multiple stringent regulatory agencies around the world. This additional financing will be to low- and middle-income developing countries that don’t have adequate access and will help them alter the course of the pandemic for their people. The approach draws on the World Bank’s significant expertise in supporting public health and vaccination programs and will signal to markets that developing countries will have multiple ways to purchase approved vaccines and will have significant purchasing power.

Our private sector arm—the International Finance Corporation, or IFC—is also investing heavily in vaccine manufacturers through its $4 billion Global Health Platform. The aim is to encourage ramped-up production of COVID-19 vaccines and therapeutics in advanced and developing economies alike—and to ensure that emerging markets gain access to available doses. IFC is also working with the vaccine partnership—CEPI—to map COVID-19 vaccine manufacturing capacity, focusing especially on potential bottlenecks.

To mitigate the impact of the pandemic on education, the Bank is working to help countries reopen primary and secondary schools safely and quickly. Out of school, children tend to backslide in their educational skills; and for children in the poorest countries, physical attendance in school is an important source of food and security, not just the reading and math that provide a critical ladder out of poverty. The Bank is working in 65 countries to implement remote-learning strategies, combining online resources with radio, TV, and social networks, and printed materials for the most vulnerable. We are also partnering with UNICEF and UNESCO on school-reopening frameworks.

In Nigeria, for example, we provided $500 million in new funding for the Adolescent Girls Initiative for Learning and Empowerment (AGILE), which aims to improve secondary education opportunities among girls. The project is expected to benefit more than 6 million girls, using TV, radio, and remote-learning tools.

Topic 3: Debt Burdens

My third urgent topic is debt. A combination of factors has led to a wave of excessive debt in countries where there is no margin for error. Global financial markets are dominated by low interest rates, creating a reach-for-yield fervor that invites excess. This is reinforced by an imbalance in the global debt system that puts sovereign debt in a unique category that favors creditors over the people in the borrowing country—there’s not a sovereign bankruptcy process that allows for partial payment and reduction of claims. As a result, people, even the world’s poorest and most destitute, are required to pay their government’s debts as long as creditors pursue claims—even so-called “vulture” creditors who acquire the distressed claims on secondary markets, exploit litigation, penalty interest clauses and court judgments to ratchet up the value of the claims, and use attachment of assets and payments to enforce debt service. In the worst cases, it’s the modern equivalent of debtor’s prison.

Further, the political incentive and opportunity for government officials to borrow heavily has increased. Their careers benefit from the availability of long-maturity debt because the repayment cycle is often well after the political cycle. This undermines accountability for debt, making transparency much more important than in the past.

An added factor in the current wave of debt is the rapid growth of new official lenders, especially several of China’s well-capitalized creditors. They’ve expanded their portfolios dramatically and are not fully participating in the debt rescheduling processes that were developed to soften previous waves of debt.

To take a first step toward debt relief for the poorest countries, at the World Bank’s Spring Meetings in March, I, along with Kristalina Georgieva of the IMF, proposed a moratorium on debt payments by the poorest countries. It was partly a response to COVID and the need for countries to have fiscal space, and also a recognition that a debt crisis was underway for the poorest countries. With endorsement by the G20, G7 and Paris Club, the Debt Service Suspension Initiative, or DSSI, took effect on May 1. It enabled a fast and coordinated response to provide additional fiscal space for the poorest countries in the world. As of mid-September, 43 countries were benefiting from an estimated $5 billion in debt-service suspension from official bilateral creditors, complementing the scaled-up emergency financing provided by the World Bank and IMF. The DSSI has also enabled us to make significant progress on debt transparency, which will help borrowing countries and their creditors make more informed borrowing and investment decisions. This year’s edition of the World Bank’s International Debt Statistics, to be released next Monday, October 12, will provide more detailed and more disaggregated data on sovereign debt than ever before in its nearly 70-year history.

Many more steps are needed on debt relief. One avenue is to broaden and extend the current debt initiative so that there is time to work out a more permanent solution. The World Bank and the IMF have called on the G20 to extend the DSSI’s relief through the end of 2021, and we are highlighting the need for G20 governments to urge the participation of all their private and bilateral public sector creditors in the DSSI. Private creditors and non-participating bilateral creditors should not be allowed to free-ride on the debt relief of others, and at the expense of the world’s poor.

Debt service suspension is an important stopgap, but it is not enough. First, too many of the creditors are not participating, leaving the debt relief too shallow to meet the fiscal needs of the inequality pandemic around us. Second, debt payments are simply being deferred, not reduced. It doesn’t produce light at the end of the debt tunnel. This is particularly apparent in today’s low-for-long financing environment. The normal time value of money simply isn’t working, so the creditors’ offer of a deferral of payments with a compounding of interest often means that the burden of debt goes up with time, not down. The historical use of net present value equations in debt restructurings has to be scrutinized for fairness to the people in the debtor countries.

The risk is that it will take years or decades for the poorest countries to convince creditors to reduce their debt burdens enough to help restart growth and investment. Given the depth of the pandemic, I believe we need to move with urgency to provide a meaningful reduction in the stock of debt for countries in debt distress. Under the current system, however, each country, no matter how poor, may have to fight it out with each creditor. Creditors are usually better financed with the highest paid lawyers representing them, often in U.S. and UK courts that make debt restructurings difficult. It is surely possible that these countries—two of the biggest contributors to development—can do more to reconcile their public policies toward the poorest countries and their laws protecting the rights of creditors to demand repayments from these countries.

Several steps are needed. First, as I mentioned, full participation in the moratorium by all official bilateral and commercial creditors, to buy time. Second, full transparency of the terms of the existing and new debt and debt-like commitments of the governments of the poorest countries. Both creditors and debtors should embrace this transparency, but neither has done enough in this regard. Third, using this fuller transparency, we need a careful analysis of a country’s long-term debt sustainability to identify sovereign debt levels that would be sustainable and consistent with growth and poverty reduction. This degree of transparency and analysis would also be strongly beneficial for the public commitments of developed countries, such as outlay projections for public pension funds. Fourth, we need new tools to push forward with the reduction of the stock of debt for the poorest countries. The World Bank and IMF are proposing to the Development Committee a joint action plan by the end of 2020 for debt reduction for IDA countries in unsustainable debt situations.

Looking more broadly, since the arrival of COVID-19, the challenge of high debt burdens has expanded to endanger the solvency of many businesses. The Bank for International Settlements has estimated that 50% of businesses do not have enough cash to pay their debt-servicing costs over the coming year.

Rising corporate debt distress has the potential to put otherwise viable firms out of business, exacerbating job losses, depressing entrepreneurship, and slowing growth prospects well into the future. The World Bank and IFC are both working with our client countries to address this issue, helping them bolster and improve insolvency frameworks while shoring up the working capital of systemically important businesses.

Topic 4: Fostering an Inclusive and Resilient Recovery

My fourth topic is on fostering an inclusive and resilient recovery. COVID-19 has demonstrated—with deadly effect—that national borders offer little protection against some calamities. It has underscored the deep connections between economic systems, human health, and global well-being. It has concentrated our minds on building systems that will better protect all countries the next time, especially our poorest and most vulnerable citizens.

It is critical that countries work toward their climate and environmental goals. A high priority for the world is to lower the carbon emissions from electricity generation, meaning the termination of new coal- and oil-dependent power generation projects and the wind-down of existing high-carbon generators. Many of the largest emitters—in the developing world but, I must say, also in the developed world—are still not making sufficient progress in this area.

Amid the pandemic, the World Bank Group has remained the largest multilateral financier of climate action. Over the last five years, we have provided $83 billion in climate-related investments. Our work has helped 120 million people in over 50 countries gain access to weather data and early-warning systems crucial to saving lives in disasters. We have added a total of 34 gigawatts of renewable energy into grids to help communities, businesses and economies thrive. I’m happy to say that, in Fiscal Year 2020, my first full year as President, the World Bank Group made more climate-related investments than at any time in its history.

We intend to step up that work over the next five years. We are helping countries put an economic value on biodiversity—including forests, land, and water resources—so they can better manage these natural assets. We are helping them assess how climate risks affect women and others who are already vulnerable.

We are also working with governments to eliminate or redirect environmentally harmful fuel subsidies and to reduce trade barriers for food and medical supplies. Global progress in this area, however, has remained slow. COVID-19 spending packages could have a decisive effect on promoting more low-carbon energy sources and facilitating a stronger, more resilient recovery.

And on the economy itself, recognizing the severity of the downturn and the likely longevity, a key step in a sustainable recovery will be for economies and people to allow change and embrace it. Countries will need to allow capital, labor, skills, and innovation to shift to a different, post-COVID business environment. This puts a premium on workers and businesses using their skills and innovations in new ways in a commercial environment that is likely to rely more on electronic connections than travel and handshakes.

To speed recovery, countries will need to find a better balance between, on the one hand, maintaining core public and private sector businesses and, on the other, recognizing that many businesses won’t survive the downturn. In many cases, support efforts will be more effective if they aid families rather than propping up pre-COVID business structures.

The business environment needs change and improvement to build a faster, more sustainable recovery. A key part of this process of change is for the ownership and repurposing of distressed assets to be resolved as quickly as possible. This will likely entail a combination of faster bankruptcy proceedings, new legal avenues for settling small claims, and other out-of-court alternatives such as arbitration. These are important building blocks for effective contracts and capital allocation, but only a few developing countries have them in place. The severity of the downturn makes the prompt streamlining and transparency of commercial law as vital for recovery as the availability of new debt and equity capital.

None of these steps will be enough, and the reality is that aid, even from the most generous donors, can’t make ends meet. Just to reverse COVID’s likely increase in extreme poverty in 2020 would require $70 billion per year ($2 per day times 100 million people). That’s well beyond the World Bank Group’s financial capacity or any of the development agencies. My view is that sustainable solutions can only come by embracing change—through innovation, new uses for existing assets, workers and job skills, a reset on excessive debt burdens, and governance systems that create a stable rule of law while also embracing change.

In conclusion, I raised the urgency of addressing poverty, inequality, human capital, debt reduction, climate change, and economic adaptability as elements in ensuring a resilient recovery. This once-in-a-century crisis has demonstrated why history doesn’t exactly repeat itself—because humankind does learn from its mistakes. The pandemic so far has not triggered the devastating side effects of earlier crashes—neither hyperinflation, nor deflation, nor widespread famine. Even though the loss of income and the inequality of the impact have been worse than in most past crises, the global economic response, so far, has been much bigger than we might have expected at the start of this crisis.

The development response will need to be extended and intensified, both in terms of the health emergency and the efforts to help countries find effective support systems and recovery plans. Greater cooperation will enable us to share knowledge and develop and apply effective solutions far more swiftly. It will enable innovators to develop a vaccine that beats the virus and restores people’s confidence in the future. Working through all channels, my hope—and my belief—is that we can shorten the downturn and build a strong foundation for a more durable model of prosperity—one that can lift all countries and all people.

Thank you very much.