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Developing economies could see sharper recession in 2020, warns World Bank

Washington pandemic economy crisis Coronavirus
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Washington: Senior World Bank officials on Friday warned that developing economies could see a deeper recession than currently expected if consumption and investment do not rebound quickly after the coronavirus pandemic.

In a blog posting on the Bank's website, officials said the preliminary baseline scenario forecast a "grim" 2% drop in economic output in developing countries, the first contraction in these economies since 1960 and a sharp swing from average growth of 4.6% over the last 60 years.

But it said the situation could be "considerably worse" and output in those economies could drop by nearly 3% if just one of the Bank's assumptions failed to materialize, and investment and consumption did not rebound as hoped. "Even if three

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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