OREANDA-NEWS. The restrictive measures that states have taken to curb the coronavirus pandemic will cost the world economy 5.2 % of gross domestic product (GDP) in 2020. This is stated in the report Global Economic Prospects by the World Bank.

“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” World Bank Vice President Ceyla Pazarbasioglu said.

According to experts, the global recession of 2020 will be the deepest since the Second World War. The developed economies will experience the greatest reduction, by 7 %. The GDP of developing countries and countries with emerging markets will decrease by 2.5 %, and this will be the first comprehensive recession in this group during at least past 60 years, the World Bank’s report says.

Per capita income is expected to fall by 3.6 % in 2020, and this will plunge millions of people into extreme poverty.