Prolonged global recession due to coronavirus is likely, says World Economic Forum report | economy

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Risk managers are projecting a prolonged global recession as a result of the coronavirus pandemic, a World Economic Forum report showed on Tuesday.

  • Understand the impacts of the coronavirus pandemic on the global and Brazilian economies

Two-thirds of the 347 respondents to the survey – conducted in response to the outbreak – put a long-term contraction of the global economy at the top of their list of concerns for the next 18 months. Half of risk managers expect bankruptcy and industrial consolidation, the failure of industries to recover and high levels of unemployment, particularly among young people.

“The crisis devastated lives and livelihoods. It caused an economic crisis with far-reaching implications and revealed the inadequacies of the past,” said Saadia Zahidi, managing director of the World Economic Forum.

Environmental goals are at risk of being discarded as a result of the pandemic, the report said, but governments should try to seek a “green recovery”.

“We now have a unique opportunity to use this crisis to do things differently and build better economies that are more sustainable, resilient and inclusive,” said Zahidi.

Almost half of Latin American workers are from sectors at risk in the Covid crisis

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