World experiencing one of the deepest recessions since great depression due to COVID-19: WB

The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries. He told reporters that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries.