The world is ‘weeping’ in light of the negative effect COVID-19 has brought to us. Every single day, billions of people on planet earth are trusting that one day, we wake up to hear that COVID-19 is no more.
Perhaps, that will not occur soon, as the World Bank Group President, David Malpass has portrayed COVID-19 as a ‘staggering blow’ for the worldwide economy, and cautioned that the aftermath from the pandemic could keep going for 10 years.
Talking on BBC radio 4’s program, Malpass stated:
“The combination of the pandemic and the shutdowns have meant billions of people whose livelihoods have been disrupted. That’s concerning. Both the direct consequences, meaning lost income, but also then the health consequences, the social consequences, which are really harsh.
“We can see that with the stock market in the United States being relatively high, yet people in poor countries are being not only unemployed, but unable to get any work even in the informal sector, and that’s going to have consequences for a decade.”
The World Bank is now doing its bit by offering help to the most exceedingly awful affected countries. It is also urging banks and pension funds to offer debt relief to developing countries who are in desperate need of help.
The Group also anticipates that business moneylenders should make the details of their credits more clear, with the goal that financial specialists can have more certainty when placing cash into those economies.
Malpass is idealistic that if people are mindful, adaptable and resilient, the pandemic could be vanquished. The World Bank President has in the relatively recent past, opined that the coronavirus emergency could drive 60 million people into extreme poverty, which the World Bank characterizes as living on under $1.90 per individual every day.