The global economic recovery from the coronavirus pandemic may take as long as five years, World Bank chief economist Carmen Reinhart said at a recent conference held in Spain.
“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,” she stated.
Reuters noted that Reinhart said the recession would last longer in some countries than in others and would deepen inequalities between and within nations, with the poorer being far more hard hit by the crisis - as is already evident.
She added that global poverty rates are expected to rise for the first time in over two decades.