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The Financial Express

World Bank sees 'major global recession' due to pandemic

REUTERS | Published: April 04, 2020 11:10:23 | Updated: April 09, 2020 10:23:00


An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. — Reuters/Files An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. — Reuters/Files

World Bank Group president David Malpass on Friday said the rapidly spreading COVID-19 pandemic was expected to cause a “major global recession” that would likely hit the poorest and most vulnerable countries the hardest.

“We intend to respond forcefully and massively with support programs, especially for poor countries,” Malpass said in a posting on the LinkedIn networking site, adding that he planned to speak soon with the leaders of Ethiopia, Kenya and other countries.

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