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Pandemic driving broadest economic collapse in 150 years, World Bank says

Monday, June 8, 2020 | Tag Cloud Tags: coronavirus, Economic Collapse, Economy, ISIS, Israel, News, virus, Worthy News | Learn about our FREE SYNDICATION Service | Subscribe to the Worthy Brief! | Printer Friendly

(Worthy News) – 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 Monday.

The world economy is expected to contract by 5.2 percent this year — the worst recession in 80 years — but the sheer number of countries suffering economic losses means the scale of the downturn is worse than any recession in 150 years, the World Bank said in its latest Global Economic Prospects report.

The depth of the crisis will drive 70 to 100 million people into extreme poverty — worse than the prior estimate of 60 million, she told reporters. [ Source: Times of Israel (Read More…) ]

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