The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the Covid pandemic and the shutdowns, the World Bank said on Monday.
The Covid recession is the first since 1870 to be triggered solely by a pandemic, World Bank President David Malpass said in his foreword to the latest edition of the Global Economic Prospect report released on Monday.
The current projections suggest the Covid recession will involve a decline in global per capita GDP by 6.2%, making it the deepest global recession since 1945-46 (World War-II), and more than twice as deep as the recession associated with the global financial crisis, it said. — PTI
