Global Economic Recovery May Take 5 Years – W/Bank

global-economic-recovery-may-take-5-years-w-bank

The global economic recovery from the crisis originat- ed by the coronavirus pan- demic 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 re- striction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” Rein- hart said in a remote inter- vention during a confer- ence held in Madrid.

Reinhart said that the pandemic-caused recession will last longer in some countries than in others and will exacerbate in- equalities as the poorest will be harder hit by the crisis in rich countries and the poorest nations will
be harder hit than richer countries.

For the first time in 20 years, global poverty rates will rise following the crisis, she added.

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