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.
