Coronavirus ‘a devastating blow for world economy’
World Bank President David Malpass has pulled no punches by declaring that the coronavirus pandemic is a “devastating blow” for the world economy and that the economic fallout could last for a decade.
In May, Malpass warned that 60 million people could be pushed into “extreme poverty” – living on less than $1.90 (£1.55) per person per day – by the effects of Covid-19.
However, in an interview on Friday, Malpass said that they could now find themselves with less than £1 per day to live on.
He has told BBC Radio 4’s The World This Weekend: “Both the direct consequences, meaning lost income, but also then the health consequences, the social consequences, are really harsh.”
He added: “We can see that with the stock market in the US being relatively high, and yet people in the poor countries being not only unemployed, but unable to get any work even in the informal sector. And that’s going to have consequences for a decade.”
