fbpx Is This Time Different? COVID-19 and the Global Economy - Carmen Reinhart, Lawrence Summers, and Nicholas Burns | Harvard Kennedy School

Excerpt

December 15, 2020, Video: "Join World Bank Chief Economist Dr. Carmen Reinhart in conversation with Lawrence H. Summers and Nicholas Burns on economic diplomacy in the time of COVID-19. The World Bank expects over 90% of countries to be in recession in 2020 due to the COVID-19 pandemic. Advanced economies will shrink by 7%, and developing economies by 2.5%. An additional 100 million people around the globe will fall into extreme poverty because of the virus. Some developing markets will face sovereign debt crises as they struggle to contain the economic fallout. As the global economic outlook deteriorates, the World Bank, other multinationals, and central banks around the world continue to debate the most effective policy responses to combat the global health and economic crises." Watch Via the Belfer Center