The World Bank has forecast a 5.2% drop in global economic growth this year due to the effects of the Kovi-19 pandemic. According to the bank's forecast in Monday's Global Economic Outlook.
The most recent figure is down from last month's estimate of 7.7% before the global pandemic. According to the report, the 5.2% decline would represent the biggest decline since World War II.
At the same time, the report also forecast a 6.1% decline for the US and Japan and 9.1% for Europe. While China's economy is expected to grow 1%, the slowest in 44 years.
The report also said that emerging markets and economies are expected to fall by 2.5%, a group decline for the first time in nearly 60 years. The decline will push millions into extreme poverty.
In addition, if the spread is prolonged, the risk of a recession is even higher, with the report saying the world economy may contract 8% this year.
The most recent figure is down from last month's estimate of 7.7% before the global pandemic. According to the report, the 5.2% decline would represent the biggest decline since World War II.
At the same time, the report also forecast a 6.1% decline for the US and Japan and 9.1% for Europe. While China's economy is expected to grow 1%, the slowest in 44 years.
The report also said that emerging markets and economies are expected to fall by 2.5%, a group decline for the first time in nearly 60 years. The decline will push millions into extreme poverty.
In addition, if the spread is prolonged, the risk of a recession is even higher, with the report saying the world economy may contract 8% this year.
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