David Malpass, president of the World Bank, joins "Squawk on the Street" to discuss the response to the coronavirus pandemic and monetary policy.
The coronavirus pandemic may set back economic growth efforts in developing nations, World Bank President David Malpass told CNBC on Wednesday.
Futher progress can be made on access to electricity, clean water and sanitation, Malpass said in a “Squawk on the Street” interview, “but the big worry is that we’re moving backward because of the global recession.”
The Covid-19 outbreak has had devastating impacts on the global economy as the disease spread around the world after it originated late last year in China.
Supply chains have been disrupted, and tens of millions of workers have lost their jobs or had their hours reduced as governments implemented restrictions on economies to minimize transmissions.
As a result of the pandemic, the world will likely experience its worst recession since the Great Depression, the International Monetary Fund said Tuesday.
“This is a huge problem. The world recession will be deep and that especially impacts poorer countries,” Malpass said.
The World Bank in early April approved a $1.9 billion funding program for developing countries to help support their response to Covid-19. It also approved billions of dollars for coronavirus aid in early March.
“Many of the very populous countries need extra support right now,” Malpass said.
For more coronavirus live updates:
[ Ссылка ]
For access to live and exclusive video from CNBC subscribe to CNBC PRO:
[ Ссылка ]
» Subscribe to CNBC TV: [ Ссылка ]
» Subscribe to CNBC: [ Ссылка ]
» Subscribe to CNBC Classic: [ Ссылка ]
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news: [ Ссылка ]
Follow CNBC on LinkedIn: [ Ссылка ]
Follow CNBC News on Facebook: [ Ссылка ]
Follow CNBC News on Twitter: [ Ссылка ]
Follow CNBC News on Instagram: [ Ссылка ]
#CNBC
#CNBC TV
