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The Financial Express

WB chief economist says global economic recovery may take five years

| Updated: September 19, 2020 11:02:10


Carmen Reinhart, Minos A Zombanakis Professor of the International Financial System at Harvard Kennedy School attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland Jan 17, 2017. REUTERS/FILE Carmen Reinhart, Minos A Zombanakis Professor of the International Financial System at Harvard Kennedy School attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland Jan 17, 2017. REUTERS/FILE

The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank's chief economist Carmen Reinhart said on Thursday, reports Reuters.

"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," Reinhart said in a remote intervention during a conference held in Madrid.

Reinhart said the pandemic-caused recession will last longer in some countries than in others and will exacerbate inequalities as the poorest will be harder hit by the crisis in rich countries and the poorest countries will be harder hit than richer countries.

For the first time in twenty years, global poverty rates will rise following the crisis, she added.

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