The World Bank Predicts Economic Recovery From The COVID Crisis Within Five Years
The global economy may take up to five years to recover from the crisis caused by the coronavirus pandemic, said Carmen Reinhart, chief economist at the World Bank (WB).
"There will probably be a quick rebound on the back of the lifting of all restrictive measures related to quarantine, but full recovery will take up to five years," the economist was quoted as saying by Reuters.
Reinhart expects the global poverty rate to rise for the first time in 20 years after the crisis.
According to the economist, the crisis caused by the pandemic will increase inequality in the world, "because the poorest segments of the population will suffer more from the crisis in rich countries, and the poorest countries will suffer more than the richer ones."
The world Bank in June said that in 2020 it expects a record decline in the global economy since the Second world war – by 5.2% instead of growth of 2.5%, which was expected in January.
On March 11, the world health organization declared the outbreak of THE new COVID-19 coronavirus infection a pandemic. According to the latest WHO data, more than 29.1 million cases of infection were detected in the world, and more than 926 thousand people died.