World experiencing one of the deepest recessions since Great Depression due to COVID-19: World Bank

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That involves procedures that have been widely discussed of social distancing and masks and proper health care if people contract the virus, strengthening of hospital systems and so on. All of those are important, he asserted.”And then, as we look at the next stage, what I think we can be talking about is that it’s going to be a prolonged downturn for many of the countries, there won’t be as fast a rebound in tourism, for example, as many would like to have,” he said.There will need to be flexibility in economies, so that people can move to new jobs and positions, and the country can be prepared for a post COVID-19 global economy, Malpass said.Acknowledging that it is going to be different from the pre-COVID-19 economy, he noted that one does not know exactly how and that will only evolve over time.”And so, having countries preserve some of their core industries and businesses, and then keeping families together. We’re providing social safety nets to try to help provide cash grants for people, for example, in Brazil, we have a sizable programme. In Jordan, we support Jordan’s sizable programme and elsewhere around the world, he said. …

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