General World News

A financial crisis could emerge from the coronavirus’s lingering fallout, World Bank chief economist says

Carmen Reinhart

Summary List Placement

  • Achieving herd immunity and bringing the coronavirus in check won’t resolve all of the pandemic’s economic damage, Carmen Reinhart, chief economist at the World Bank, said Tuesday.
  • What began as a health crisis is creating “your classic balance sheet problems” and risks plunging the world into a dire financial crisis, Reinhart said on Bloomberg TV.
  • “A rebound this year still leaves per-capita income below where it was before the crisis. Calling it a recovery is misleading,” she added.
  • The pandemic’s length has placed outsized strains on the balance sheets of households, businesses, and countries, and mounting debt details ⇒

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