Global economy may NEVER return to pre-pandemic growth level – World Bank

The recovery of the global economy from the coronavirus crisis will be very slow, according to the World Bank’s senior economist Patrick Kirby. He said the growth rate may never return to pre-pandemic levels.

“We believe that for a couple of years we’ll remain below the 2019 level, and will almost never reach the growth rates that were before that,” Kirby said during the Moscow Exchange Forum that was held virtually this week.

According to the economist, the situation observed in many countries across the world, could be compared to the “hardest” consequences of the 2008-2009 financial crisis. And that is despite the positive results of the third quarter, Kirby added.

He also said that as the second wave of the Covid-19 pandemic starts spreading across many countries and the global recovery is relatively slow, central banks will be forced to keep key rates low.

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