World Bank sees ‘major global recession’ due to pandemic

Economy
© Reuters. FILE PHOTO: Atrium is seen at World Bank headquarters in Washington © Reuters. FILE PHOTO: Atrium is seen at World Bank headquarters in Washington

WASHINGTON (Reuters) – 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 (NYSE:) networking site, adding that he planned to speak soon with the leaders of Ethiopia, Kenya and other countries.

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