World Bank warning | World after 1930 in the worst phase of economic recession

World Bank warning | World after 1930 in the worst phase of economic recession

 


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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