World is in deepest recession since Great Depression: World Bank

World is in deepest recession since Great Depression: World Bank

World Bank

David Malpass, President of the World Bank, said that the world is undergoing the deepest recession owing to the COVID-19, after the Great Depression of 1930. He has termed the deadly disease as the ‘catastrophic event’ of the developing and poor countries. He also raised his concern to the amount of economic contraction as it may lead to countries to undergo a debt crisis. On Wednesday, at the start of the annual meetings of the International Monetary Fund and the World Bank, he informed the media that the issue will be in focus in the meeting. He further added that the Bank is encouraging countries to spend on health, education, and social programmes.

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