Global Economic Recovery May Take Five Years, World Bank Chief Economist Says

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September 17, 2020

FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

For the first time in twenty years, global poverty rates will rise following the crisis, World Bank’s chief economist Carmen Reinhart added.

Reuters MADRID

Last Updated: September 17, 2020, 3:19 PM IST

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

“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 remote intervention during a conference held in Madrid.

Reinhart said the pandemic-caused recession will last longer in some countries than in others and will 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.

Global Economic Recovery May Take Five Years, World Bank Chief Economist Says

For the first time in twenty years, global poverty rates will rise following the crisis, World Bank’s chief economist Carmen Reinhart added.

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