World Bank chief says coronavirus pandemic widening inequality gap

FILE PHOTO: World Bank President David Malpass attends the “1+6” Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo

July 1, 2020

WASHINGTON (Reuters) – World Bank President David Malpass said on Wednesday that the coronavirus pandemic was exacerbating inequality throughout the world by hitting hardest those without a social safety net in developing countries while central bank asset purchases in advanced countries benefit the richest.

Malpass told a webcast event hosted by the Council of the Americas the coronavirus pandemic was a “catastrophe” for the developing world that would bring long-term damage and global economic output would not recover to its pre-pandemic level for years.

(Reporting by David Lawder; Editing by Chris Reese)

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