26 C
Ahmedabad
October 31, 2020
International News

COVID-19 causing one of the deepest recessions since Great Depression : World Bank Prez

Font Size

Whole world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the Covid pandemic a “catastrophic event” for many developing and the poorest countries. He said given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries.

So that has got a lot of focus here at the meetings, Malpass told the media on Wednesday at the start of the annual meetings of the International Monetary Fund and the World Bank.
“The recession has been deep, one of the deepest since the Great Depression. And for many developing countries, and for the people in the poorest countries, it is truly a depression, a catastrophic event. It is continuing to add to the ranks of those in extreme poverty,” he said.

That is the focus of this meeting and the focus of their actions, he said, adding the World Bank was building as big a growth programme for countries as they can in this fiscal year.

Related posts

માન્ચેસ્ટરની મસ્જિદ પર ત્રીજીવાર હુમલો, આગ ચાંપવામાં આવી

aapnugujarat

અમેરિકામાં ૧૦૦ મહિલાઓના બળાત્કારના ગુનામાં ૭૧ વર્ષના વૃદ્ધને સજા

aapnugujarat

कोरोना को लेकर WHO का बड़ा बयान

editor

Leave a Comment

UA-96247877-1