Pandemic COVID-19 dealt the global economy a devastating blow, triggering the deepest recession since the Second world war.
This is stated in the world Bank report released on Monday.
According to world Bank forecasts, this year the world economy will shrink by 5.2%. “It would mean the deepest recession since the Second world war”, – stated in the report.
In addition, as emphasized in the world Bank, a substantial decline in production per capita will experience the largest number of countries for the period since 1870.
This drop in developed economies will reach to the end of this year 7%. And emerging markets will lose about 2.5% of GDP. At the same time, the report said, the overall rate of income per capita will decrease by 3.6%.
Recall from the beginning of the pandemic COVID-19 IMF and the world Bank warned about a serious decline in economic growth worldwide with the restoration of the indicators in the next year. However, the international financial institutions said that the forecasts may be adjusted depending on the duration and scope of quarantine measures.