WB rep: Recovery after economic crisis may take 5 years


September 17, Fineko/abc.az. The global economy may take up to 5 years to recover from the crisis caused by the new type of coronavirus (COVID-19) pandemic.

ABC.AZ reports that the relevant statement was made by WB chief economist Carmen Reinhart.

"Amid the lifting of all restrictive measures related to quarantine, there will be a fairly rapid jump, but a full recovery will take up to 5 years," the economist said.

At the same time, Reinhart expects that the world's poverty rate will rise for the first time in the last 20 years after the crisis.

According to the economist, the crisis caused by the pandemic will increase inequality in the world: "The poorest people will suffer more from the crisis in rich countries, while the poor countries will suffer more than the rich."