MADRID: The global economic recovery from the crisis caused by the coronavirus pandemic may take up to five years, World Bank chief economist Carmen Reinhart said Thursday.
“There will probably be a rapid rebound as all the restriction measures linked to the lockdowns are lifted, but a full recovery will take up to five years,” Reinhart said in a remote intervention during a conference in Madrid.
Reinhart said that the recession caused by the pandemic will last longer in some countries than in others and will exacerbate inequalities, as the poorest will be the most affected by the crisis in rich countries and the poorest countries will be more affected than the worst countries. rich.
For the first time in twenty years, global poverty rates will rise after the crisis, he added.
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