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Economy

Global economic recovery from Covid may take five years, World Bank warns

  • Global economic recovery from Covid may take five years, World Bank warns
    Global economic recovery from Covid may take five years, World Bank warns
Region:
World
Category:
Economy
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By Reuters
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“There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” the World Bank’s chief economist Carmen Reinhart has said in a speech during a conference held in Madrid.

 

The global economic recovery from the coronavirus pandemic may take as much as five years, the World Bank’s chief economist Carmen Reinhart has said.

“There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” Reinhart said in a speech during a conference held in Madrid.

Reuters reports that Reinhart said the recession would last longer in some countries than in others and would exacerbate inequalities as the poorest will be harder hit by the crisis in rich countries and the poorest countries will be harder hit than richer countries.

For the first time in twenty years, global poverty rates will rise following the crisis, she added.