'Major Recession' Seen Amid Coronavirus Crisis

'Major Recession' Seen Amid Coronavirus Crisis

April 4, 2020, 7:14 a.m.

World Bank says economic crunch likely to hit poorest countries hardest as infections hit almost 1.1 million people.

The world's two leading financial institutions have warned of dire economic disruptions as the coronavirus pandemic continues to spread around the world, with record number of deaths and infections reported in Europe and the United States.

World Bank Group President David Malpass on Friday said the health emergency was expected to cause a "major global recession" that would likely hit the poorest and most vulnerable countries the hardest, while the International Monetary Fund described the situation as a "crisis like no other".

The death toll in Europe has surged to around 40,000, while in the United States the number of deaths hit more than 7,000, bringing the number of deaths worldwide to more than 58,000, according to the data compiled by Johns Hopkins University.

The number of cases also continue to rise, with the US reporting more 275,000 infections, while Italy, Spain and Germany combined recorded more than 300,000 cases.

Worldwide, the number of cases is closing in at 1.1 million, with the number of recoveries close to 226,000.

Source: Aljazeera

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