The World Bank on Monday released a new report on the impact on the global economy from the Covid-19, which further reinforces the concerns already being raised. The World Bank has stated that the global economy may decline by 5.2 percent during the year 2020 due to the Corona epidemic. The world has not seen such a recession since World War II. There is no region in the world that will not be affected by the recession.
The economy of countries of the South Asia region will also decline by 2.7 percent. In this situation, millions of people are in danger of going below the poverty line and it will be difficult to achieve the goals of social and economic development of the United Nations. The World Bank released the report on the global economy with the introduction of Covid-19. However, the seriousness of the situation was not recognized then. Now that the epidemic has spread across the world and the economies of many countries are being severely affected, the report has been published out of the tradition.
The economy of East Asia and the Pacific region declined by 0.5 percent, Africa’s Sahara region by 2.8 percent, Central Asia, and North Africa by 4.2 percent, Europe and Central Asian countries by 4.2 percent and Latin American countries by 7.2 percent. Has been estimated. The impact of such a huge decline will be that the benefits that were brought about by the improvement in the global economy for the last several years, may have to be repelled.
The World Bank has imposed this possible rate of decline by looking at the current situation but said that there is a possibility of it getting worse. The global economy may decline by eight percent in the year 2020. The World Bank has said that it will take some time to get the full picture of the recession, but all countries should show maximum severity to overcome it. Because it will have a very bad effect on employment opportunities which can have a much wider impact….