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World going through deepest recession since Great Depression: World Bank
| Oct 15, 2020, 04:55:26 PM | TOI.in
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The world is experiencing one of the deepest recessions since the Great Depression in the 1930s due to the pandemic. The World Bank president termed the Covid-19 pandemic a "catastrophic event" for many developing and the poorest countries. Given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries. The World Bank is building big growth programmes for countries in this fiscal year.
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