COVID-19: Global recession, unmatched in 80 yrs, currently underway, says World Bank analysis
India, June 4 -- The average developing economy is less well placed to respond to a global downturn now than before the 2009 global recession
The novel coronavirus disease (COVID-19) pandemic and ensuing lockdowns in several parts of the world have led to a recession unmatched in eight decades. It will hit emerging market and developing economies (EMDEs) the most, according to the World Bank.
EMDEs could suffer output losses of three to eight per cent in the short term, the World Bank's Global Economic Prospects analysis, released on June 2, 2020, said.
The average EMDE is less well placed to respond to a global downturn now than before the 2009 global recession, the analysis pointed out.
When the pandemic struck, many EMDEs were alre...
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