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After 1930, the whole world is now
going through the worst phase of the economic recession. Also, the coronavirus
is proving to be the most destructive to poor and developing countries. These
information has been given by the World Bank.
World Bank President David Malpass
said that the biggest problem facing the countries of the world is the
reopening of schools. However, the World Bank is encouraging countries of the
world to spend on education, social and health programs. He told to journalists
that the risk of risk in many countries is increasing in the economic slowdown.
David Malpass said that this COVID-19 recession is very deep. This is creating
more trouble for those who are economically week. The World Bank is working on
a most major development program for the countries. It is expected in this
fiscal year.
The Board of the World Bank had
approved the expansion of the Health Emergency Program. Under this program, $
12 billion will be spent on the vaccine and others. It will also be given to
those countries which do not have any remedy. David Malpass said that the
developed economy is capable of supporting this time. Especially in the
financial market, special work is being done to employ more people. This
employment is being done from home. However, employment is also going on in the
informal economy system. Such people are becoming dependent on social security
programs.
Countries which are developing and
which are very economically week countries are going into further recession.
This is just because the employment of people is going away. People's income is
running out. Also, the income of those people who were dependent on the
earnings of their family members in the cities area. The World Bank is working
on giving additional support for economically week countries to social
security. And at the same time, the World Bank is also recognizing the
challenges in the agricultural sector.
The World Bank said that we should
pay attention to the matter in which conditions may remain bad for many
countries for a long time. We do not see any hope for rapid improvement in the
tourism sector. Economies should adopt a flexible approach so that people are
able to find new jobs and positions. Regarding the coronavirus, the World Bank
said that no one knows when and how the conditions will correct. The World Bank
is encouraging countries to spend on health and medical programs and education.
The World Bank said that billions of
children are still out of school in developing and poor countries. In such
cases, education will go backwards and those countries will have to pay a heavy
price for it. This can increase further problems especially in the case of
girls education. Even after COVID-19, countries will have to work on infra for
a long time. It will play an important role in the growth of the country.
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