The economical crash from the COVID-19 pandemic is expected. However, the intensity is still yet to determine. However, experts predict that the impact is worst – than any catastrophe before.
In fact, the Global Economic Prospects study by the World Bank reports the global economy to shrink by 5.2% this year – marking the deepest recession since World War II.
According to the World Bank’s VP for Equitable Growth, Finance and Institutions, the impact from the crisis is likely to leave long-lasting scars. It would also contribute to major global challenges that would be hard to reciprocate.
In this regard, he urges the global community to unite and find ways to rebuild the economy in order to prevent the population from going into poverty along with unemployment. He further says that this is the worst economic downturn since 1870 and will impact every corner of the world – with countries relying on tourism, Euro Area, Brazil and those with the highest death counts facing the hardest hit.
Infographic by: Statista