RIO DE JANEIRO, BRAZIL – World Bank Group President David Malpass said the poverty rate is expected to grow this year for the first time since 1998, as a result of the economic crisis triggered by the coronavirus.
At a virtual event organized by the United Nations (UN), Malpass estimated that the pandemic should drive 60 million people into poverty.
The economist reiterated that the institution has worked with the International Monetary Fund (IMF) to “address the current economic challenges”.
According to him, there are plans to develop financial support programs for emerging countries. “We are working to solve the problems as quickly as possible,” he said.