Coronavirus Impact: Deeper Economic Downturn Than The 2007 Recession According To World Bank

Regarding the economic crisis caused by the Coronavirus epidemic, the World Bank said that the estimates are likely to be serious from the economic downturn of 2007-09

There will be more impact in poor countries
World Bank,President, David Malpas, said during the annual summer meeting with the International Monetary Fund (IMF) that the economic crisis caused by the coronavirus is being felt all over the world, but more on poor countries and people there. Will see the effect.

IDA helps poor countries
He said that two-thirds of the world’s poorest population lives in countries eligible for assistance from the International Development Association (IDA). This crisis will have the highest impact on them. IDA is a part of the World Bank and helps poor countries.
The economic downturn of 2007-09 will be terrible The World Bank President said, “In addition to the impact of the corona virus epidemic on health and medicine, we are anticipating a major global economic slowdown. Looking at the decline in production, investment, employment and trade, our assessment suggests that it will be terrible from the economic downturn of 2007-09.

Estimated to help 100 countries in April
He said that we have helped 64 developing countries so far and we expect to help 100 countries by the end of April. The World Bank is able to help $ 160 billion in the next 15 months. In this, IDA will provide $ 50 billion in assistance at affordable rates.

Covid-19 help program is based on three principles
Malpas said the Covid-19 help program is based on three principles of saving poor families, providing security to companies and saving jobs. He said that credit facility is the most effective way to help poor countries.Earlier, the IMF has also expressed fears that the economic crisis that is causing the corona virus epidemic may be the most severe global economic crisis since the Great Economic Recession of the 1930s.