peter
Business Reporter
THE swift and massive shock of the Coronavirus (Covid-19) pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction, the World Bank has said.
In its latest forecast this week, the Bank said the global economy would shrink by up to 5.2pc this year.
Using the newly launched growth forecasts of June from the Global Economic Prospects, updated global estimates of the impact of Coronavirus forecast 71 to 100 million people would be pushed into extreme poverty.
The implications of the pandemic would likely be severe on developing economies that rely on primary industries amid disruption of global value chains and trade, as well as prospects of reduced international aid.
The Bank, however, says recovery from Covid-19 will be an opportunity for countries to build resilience, improve inclusion and ensure economic growth.
Online Reporter