The COVID-19 pandemic will shrink the global economy by 5.2 percent this year, representing the deepest recession since World War Two, and triggering a dramatic rise in extreme poverty, the World Bank said Monday in its latest Global Economic Prospects report.
In rich countries, economic activity is expected to decline by seven percent as the coronavirus outbreak severely disrupts domestic demand and supply, trade, and finance activities, it said.
Incomes fall, extreme poverty looms
Unite for a ‘robust’ recovery
Prescription to help ‘limit the damage’
Elsewhere, growth is forecast to decline 7.2 percent in Latin America and the Caribbean, 4.7 percent in Europe and Central Asia, 4.2 percent in the Middle East and North Africa, 2.8 percent in sub-Saharan Africa (the deepest on record), 2.7 percent in South Asia and 0.5 percent in East Asia and the Pacific (the lowest rate since 1967).
Likely, more pain to come
This post was originally published by the UN News Centre. Click here to read.