Categories: Business

The global economy is growing towards the biggest recession after the Second World War, World Bank warns for bad times

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World Bank projects global economy to shrink by 5.2 percent in 2020

Washington The World Bank said that the corona virus epidemic and its lockdown to prevent it would cause a 5.2 percent drop in the global economy this year. According to the estimates of the global organization, India will have a 3.2 percent installment in 2020-21. According to the global organization, the slowdown in developed countries will be the biggest after the Second World War due to the Kovid-19 epidemic and lockdown. In the emerging and developing economies, production will decline for the first time in at least six decades.

David Malpas, President of the World Bank, wrote in the preface to the Global Economic Prospect (Global Economic Prospects) report that the Kovid-19 recession is the first recession since 1870 only due to the epidemic. He said that the speed and depth with which it has impacted, it seems that the revival will take time. For this, policy makers will need to make additional interventions.

According to the report, economic growth in developed economies will decline by 7 percent in 2020 as domestic demand and supply, trade and finance are badly affected. Emerging markets and developing economies are expected to fall by 2.5 percent this year. This will be the first decline in at least 60 years.

According to the report, per capita income is expected to fall by 3.6 percent. This will trap crores of people in the morass of poverty. World Bank Director A Cosse said that the slowdown in developed countries would be the biggest recession since the Second World War due to the Kovid-19 epidemic and lockdown. In the emerging and developing economies, production will decline for the first time in at least six decades. Regarding India, the report said that the Indian economy will shrink by 3.2 percent in the current financial year.

This post was published on June 9, 2020 3:42 pm

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