WASHINGTON, DC: The coronavirus pandemic inflicted a 'swift and massive shock' that has caused the broadest collapse of the global economy since ...
WASHINGTON, DC: The coronavirus pandemic inflicted a"swift and massive shock" that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said on Monday .
And while the Washington-based development lender projects a rebound for 2021, there is a risk a second wave of outbreaks could undermine the recovery and turn the economic crisis into a financial one that will see a"wave of defaults." While China will see GDP rise just one percent, the World Bank said, the rest of the forecasts are grim: US -6.1 per cent, eurozone -9.1 per cent, Japan -6.1 per cent, Brazil -8 per cent, Mexico -7.5 per cent and India -3.2 per cent.Though dramatic, the current forecast falls short of the Great Depression, which saw a global contraction of 14.5 per cent from 1930 to 1932, while the post-war downturn in 1945-1946 was 13.8 per cent, according to the World Bank.
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