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6/8, 6:37 PM (Source: TeleTrader)
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World facing deepest global recession in decades - World Bank

With a 5.2% contraction of global GDP, COVID-19 pandemic might bring about the deepest recession in decades, the World Bank said in its June 2020 Global Economic Prospects report.

The repercussions of the coronavirus-caused crisis could afflict the global economy mostly "through lower investment, an erosion of human capital through lost work and schooling, and fragmentation of global trade and supply linkages," the report stated.

Energy exporters could take an especially stern hit, as well as the exporters of industrial materials. The region that is expected to experience the hardest blow is Latin America with a 7.2 percent projected GDP contraction, the organization noted.

Breaking the News / BU