“Macroeconomic resilience has two components: instantaneous resilience, which is the ability to limit the magnitude of immediate production losses for a given amount of asset losses, and dynamic resilience, which is the ability to reconstruct and recover. Welfare impacts also depend on micro-economic resilience, which depends on the distribution of losses; on households' vulnerability, such as their pre-chock income and ability to smooth shocks over time with savings, borrowing, and insurance, and on the social protection system, or the mechanisms for sharing risks across the population.”
Source: Hallegatte, S. 2014. "Economic resilience: definition and measurement." Policy Research Working Paper, No. 6852. World Bank, Washington, DC. <https://openknowledge.worldbank.org/handle/10986/18341>. Accessed 10 March 2020.
“The ability of a system, community or society exposed to hazards to resist, absorb, accommodate, adapt to, transform and recover from the effects of a hazard in a timely and efficient manner, including through the preservation and restoration of its essential basic structures and functions through risk management.”
Source: UN General Assemby. 2016. "Report of the open-ended intergovernmental expert working group on indicators and terminology relating to disaster risk reduction." A/71/644 (1 December 2016). <https://www.preventionweb.net/files/50683_oiewgreportenglish.pdf>. Accessed 10 March 2020.