The Social

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The Corona-Virus-pandemic is a "devastating blow" for The World economy, according to the World Bank 's President David Malpass .

Mr Malpass warned that billions of people would have affected their livelihoods of the pandemic.

He Said that the economic consequences could last for a decade.

In may, Mr Malpass warned, could be pushed into "Extreme Poverty ", the impact of Corona-Virus.

The World Bank defines "Extreme Poverty " as living on less than $1. 90 (£1. 55) Per person Per day.

said, However, in an interview on Friday, Mr. Malpass, that More Than 60 million people could find themselves with less than £1 Per day To Live on.

Mr Malpass told BBC Radio 4 's The World This weekend: "It [coronavirus] was a crushing blow to the economy.

"The Combination of the pandemic itself, and the shutdown has led to billions of people whose livelihoods have been destroyed. This is in reference to.

"Both the direct consequences, meaning lost income, but also the health consequences, The Social consequences are really hard. "

David Malpass coronavirus has warned described as a "devastating blow to The World economy"

Mr Malpass, it is those who can least afford it, the have most suffered.

"We can see that with the stock market in the United States is relatively high, and yet the people in the poor countries is not only the unemployed, but not able to get any job even in the informal sector. And this will have consequences for a decade. "

The World Bank , together with his colleagues, was to have the support of the worst-affected countries, but says much more is required.

It is the appeal to commercial lenders such as banks and pension funds to the debt relief of poor countries.

He would also like to make the terms of your loan clear, so that other investors economies more trust in money in these people.

Targeted state support and measures to support the Private Sector are also crucial for the reconstruction of the economies, argues the World Bank .

investment and support would replace the creation of jobs in areas like manufacturing, such that in The Most affected sectors, such as tourism, which may be lost permanently.

'tensions and Inequality '

Mr Malpass admits to bring the damage to the global trading and tendencies of supply chains closer to home, or to erect trade barriers that are a challenge.

"If the trade is reduced, that it has its own set of tensions and creates Inequality . I'm sure [the global economy] will be together in The Future , perhaps less than it was before COVID. "

But in the end, Mr Malpass said could be overcome, the "disaster", and that the people were "flexibility, you are resilient".

"I think it is possible, can we find ways, it is Hard Work to do for the countries and governments.

"But we can encourage that effort. I am an optimist, in the Long Run , that Human Nature is strong, and innovation is real. The World moves fast, and connectivity. has never been higher. And that gives hope for The Future . "

he admits, However, The Challenge is always The Right plans in place, at The Right Time and in the meantime, The Pain could be considerable.

Listen to The Interview on a special edition.

coronavirus lockdown measures, coronavirus pandemic, economics, world bank

Source of news: bbc.com