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Current recession deepest since Great Depression: World Bank

Oct 15, 2020 09:58 IST

The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said. The World Bank has termed the pandemic a "catastrophic event" for many developing and the poorest countries. He told reporters at the start of the annual meetings of the IMF and the World Bank that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries. Malpass added that the World Bank is building a big growth programme for countries in this fiscal year.

International