Global recovery may take 5 yrs: World Bank

Madrid, September 17

The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, World Bank’s chief economist Carmen Reinhart said on Thursday.

“There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” Reinhart said in a remote intervention during a conference held in Madrid. She said the pandemic-caused recession will last longer in some countries than in others and will exacerbate inequalities as the poorest will be harder hit by the crisis in rich countries and the poorest countries will be harder hit than richer countries. She said global poverty rates will rise following the crisis for the first time in 20 years. — Reuters