Global economy expected to shrink by 5.2% in 2020 due to COVID-19

The swift and massive shock of the coronavirus pandemic and shutdown measures to tbilisicontain it have plunged the global economy into a severe contraction. According to World Bank forecasts, the global economy will shrink by 5.2% this year.

Global Poverty: Using the newly launched growth forecasts of June from the Global Economic Prospects, updated global estimates of the impact of coronavirus forecast 71-100 million people will be pushed into extreme poverty.

New Series: Recovery from COVID-19 will be an opportunity for countries to build resilience, improve inclusion and ensure economic growth. In this new series, we will focus on the ideas and actions that will help countries as they look beyond the pandemic. We will be joined by David Malpass, President of the World Bank Group, Henrietta Fore, Executive Director of UNICEF and African Union Commissioner Josefa Sacko to discuss how food security has been impacted by COVID-19. Join us live!

Gender and COVID-19: In Pakistan, women and girls must be at the center of the country’s COVID-19 recovery. This is how the World Bank is helping.

Making eyesight digital: As a result of a devastating earthquake in 2017, Salauno – a leading eye care provider in Mexico – was forced to close its new surgical hub and find creative ways to continue serving patients. Three years later, that experience is helping the company adapt to COVID-19 and offer services to patients through digital and mobile technologies.

Sustainable recovery: Natural hazards and climate events don’t stop during a health crisis. As countries around the world are in different stages of responding to the COVID-19 emergency, here are a few lessons from experience in disaster risk management.

Lending and finance: Alternative lenders using fintech—such as crowdfunding platforms and marketplace lenders— have been an increasingly important source of financing for small and medium businesses.

Disaster risk management: Both disasters and health emergencies can come without warning. A constant dialogue between the entities in charge of finance, risk management and health emergencies will allow for better preparation and planning for a timely response and recovery.

Impact on learning: At the peak of the crisis, about 1.6 billion children across the world were not at school. As schools look to re-open, here are four clear messages education systems should deliver to school leaders to improve student well-being and engagement.

A regional perspective: World Bank’s calculations suggest that around 20 million jobs will be destroyed in the Latin America and Caribbean region this year. The current crisis, although deep and painful, offers the unique opportunity to reach broad social and political agreements to move toward these goals.

Food security: Even before the global COVID-19 pandemic broke out, food insecurity was a serious concern throughout sub-Saharan Africa. Countries must take action now to build more resilient and productive food systems in the region to support food security during this pandemic and beyond.

Go deeper: Learn how the World Bank Group is responding to the COVID-19 (coronavirus) pandemic. Explore our multilingual portal. Click, bookmark and come back for updates.