World Bank chief says coronavirus pandemic widening inequality gap

World Bank President David Malpass. Credits: Reuters Photo

World Bank President David Malpass said on Wednesday that the coronavirus pandemic was exacerbating inequality throughout the world by hitting hardest those without a social safety net in developing countries while central bank asset purchases in advanced countries benefit the richest.

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Malpass told a webcast event hosted by the Council of the Americas the coronavirus pandemic was a "catastrophe" for the developing world that would bring long-term damage and global economic output would not recover to its pre-pandemic level for years.

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