Cyprus Mail
World

Global economic recovery may take 5 years, World Bank chief economist says

Extension Of Health Restrictions Against Covid 19 In France
A full recovery will take as much as five years," Reinhart said EPA-EFE/CAROLINE BLUMBERG

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.

Related Posts

Rooftop shooter kills 6 at July 4 parade in Chicago suburb of Highland Park

Reuters News Service

Ukrainians take up new positions as Putin proclaims victory in Luhansk (Update)

Reuters News Service

Ukraine PM: Rich Russians should pay the bill to rebuild

Rescue teams scan mountains for missing after Italian glacier collapse

‘Hang in there’, Macron tells ministers in minority government (Update)

Reuters News Service

Al Jazeera reporter likely killed by unintentional gunfire from Israeli positions, U.S. says