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In a remote intervention during a conference held in Madrid on Thursday, the World Bank’s chief economist Carmen Reinhart predicted that it may take as much as five years for the global economy to recover from the coronavirus pandemic-led crisis, per Reuters.

Key quotes

“There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but full recovery will take as much as five years,”

“The pandemic-caused recession will last longer in some countries than in others.”

“For the first time in twenty years, global poverty rates will rise following the crisis.”


more to come …