October 19

COVID-19 Has Resulted in Largest Global Economic Contraction in 80 Years, Say World Bank and IMF

The World Bank and the International Monetary Fund said the global economic contraction caused by the ongoing coronavirus pandemic is the largest in the last eight decades, raising the world poverty rate, exacerbating inequalities and damaging long-term economic growth prospects.

The WB and IMF concluded their annual meeting here on Friday, which heavily revolved around the impact of COVID-19.

“The pandemic has resulted in the largest global economic contraction of the last eight decades: it is impacting developing, emerging and developed economies; increasing the global poverty rate; exacerbating inequalities; and damaging long-term economic growth prospects,” according to a joint-ministerial communique issued by the two UN-backed institutions.

Photo courtesy of romanakr.

Source: Outlook India (link opens in a new window)

Coronavirus, Investing
business development, global development