The world economy is facing “abysmal losses” and the recovery will be hampered by a lack of funds to repair the damage caused by the covid-19 pandemic, warned the World Bank president today.
In an interview with AFP, David Malpass, the leader of an institution that has already disbursed $ 160 billion in emergency aid to a hundred countries, said the scale of the crisis will force developing countries to rethink the structure of their economies.
For Malpass, the devastating effect of the pandemic on the world economy is far greater than the $ 5 billion of destroyed wealth pointed out in a first estimate of damage.
The number of people who would remain in extreme poverty (60 million) will also be higher, as the crisis continues and Malpass said he was concerned about the lack of resources.
“I continue to try to get others to participate in the programs we have put in place,” including through direct cash payments to quickly help the most vulnerable populations in poor countries, he stressed.
The World Bank is due to release next week the revised economic outlook figures.
