A full economic recovery from the coronavirus pandemic can take up to five years, according to World Bank Chief Economist Carmen Reinhart.
“We’ve noticed [economic] collapses that are absolutely out of the ordinary,” Reinhart said at a virtual convention organized through Spanish The Country on Thursday.
“Of course, there will be rebounds, but the genuine one, how long it will take the average user to the source of income he had before the crisis, a GDP consistent with the capita, will take at least five years,” he said.
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Global poverty rates will do so after the crisis for the first time in 20 years, he said.
Adding to widespread uncertainty, he said: “After the 2008-09 crisis, I knew more or less what to expect, but here we are in a very different situation. “
“It depends a lot on how temporarily there will be a vaccine, how temporarily there will be global access, if, as in Spain and France, there is a peak [in cases]. “
The figure doubled in about two months after reaching 15 million on 22 July. To date, more than 946,000 deaths have been attributed to COVID-19, according to the tracker.
The United States reported that the maximum showed infections of only 6. 7 million, followed by India, Brazil and Russia. These 4 countries account for more than part of the number of known cases.
In its most recent economic perspective, the Organization for Economic Co-operation and Development said that the prospects for recovery were less negative than expected, but that 2020 would still mark the worst contraction in expansion since World War II.
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