The corona virus crisis could plunge the global economy into its biggest crisis in 150 years. The World Bank fears that the economy

New Delhi: The corona virus crisis could plunge the global economy into its biggest crisis in 150 years. The World Bank fears that the economy could slow to 5.2% this year.

"This is the first time since 1870 that an epidemic has created such a crisis," World Bank President David Malpass said in a global economic prospectus released on Monday. Developed economies are expected to shrink by 7% in 2020, according to a World Bank report.

World BankThis situation is due to the impact of domestic demand and supply, business and financial situation. In addition, the growth rate of emerging and developing countries is expected to decline by 2.5 per cent.

This is the first time in the last 60 years that the growth of developing countries is expected to slow down. Not only that, per capita income is also expected to decline by 3.6%. It threatens to plunge millions into poverty.

PhotoThe epidemic has caused more crises in countries that depend on global trade, exports, tourism, etc. The World Bank has also forecast a 3.2% slowdown in India's economy.

Following this, the World Bank has forecast a growth of 3.1% in the financial year 2021-22. "Our first priority is to address the global health and economic crisis," the World Bank said in a report.