Wednesday, May 20, 2020

Bad News from the World Bank

A member of the global financial elite, David Malpass said that up to 60 million people could be pushed below the poverty line.

According to a transcript of his speech on the World Bank website, he said:

"The health and economic impacts that the Covid-19 pandemic and shut down have inflicted on developing countries are severe. Our estimate is that up to 60 million people will be pushed into extreme poverty – that erases all the progress made in poverty alleviation in the past three years. And our forecasts indicate deep recession this year as much as minus five percent recession for the global economy. Families have lost loved ones, millions of jobs and livelihoods are lost, the health systems are under enormous strain worldwide."

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