It may take five years for world’s economic recovery from covid

The World Bank’s chief economist Carmen Reinhart said on Thursday, “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years.” The pandemic-caused recession will last longer in some countries than in others and will exacerbate inequalities as the poorest will be harder hit by the crisis in rich countries and the poorest countries will be harder hit than richer countries. For the first time in 20 years, global poverty rates will rise following the crisis, she added.