World facing K-shaped recovery: World Bank

by Yash Shah

David Malpass, President of the World Bank said that the world is experiencing one of the deepest recessions since the Great Depression in the 1930s. He said that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries. Malpass said that the world was currently experiencing a K-shaped recovery. 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.