The analysis was released ahead of the June 8 issuance of the full report, which will include the latest forecasts of the Bank Group for the global economy. These estimates are likely to rise further, with the reopening of advanced economies the primary determinant,” said World Bank Group President David Malpass. The analysis notes that measures required to protect public health have compromised an already fragile global economy, causing deep recessions in advanced economies and developing economies alike. Developing economies that rely heavily on global trade, tourism, or remittances from abroad will be particularly hard-hit. “When the pandemic struck, many emerging and developing economies were already vulnerable due to record-high debt levels and much weaker growth.

Source: Dhaka Tribune June 03, 2020 09:33 UTC