One of the greatest recessions- COVID 19

15 oct 2020

One of the greatest recessions- COVID 19

The world today is experiencing one of the greatest recession after Great Depression in 1930. World Bank president David Malpass has termed this pandemic as a catastrophic event. There has been economic slowdown. Mr Malpass said this on Wednesday at an annual meeting of International Monetary Fund and World Bank. This has made the countries close to extreme poverty. He said that the world today is experiencing a K-shaped recovery. There has been loss of jobs, income, etc. World Bank is trying it's best at solving these crisis. The first priority as per Malpass is to save the lives of the people by adopting measures like social distancing, masks, etc. There is a need to create economic flexibility to create more jobs. Various social programs have been introduced. Infrastructure needs to be upheld along with standardization and transparency.