# World-Wide Recession According to the World Bank



## Em in Ohio (Jun 9, 2020)

June 9, 1:13 p.m.  (Posted on the AccuWeather Site)
The coronavirus caused a "swift and massive shock" that has triggered the most broad collapse of the global economy since 1870, the World Bank said Monday In its latest Global Economic Prospects report, the World Bank said the economy is expected to shrink by 5.2 percent this year which is the worst recession in 80 years, AFP reported. It is said that the crisis could put up to 100 million people into extreme poverty. Economists have had a difficult time measuring the impact caused by the coronavirus to the world economy because of the sheer size of the impact across many different industries. The worst-case scenario as a result from the global recession would be contraction of 8 percent."This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges," World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, told AFP.


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## mathjak107 (Jun 10, 2020)

except the actual definition of a recession in america  is two quarters of back to back negative gdp growth ...that has not happened


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## Em in Ohio (Jun 10, 2020)

mathjak107 said:


> except the actual definition of a recession in america  is two quarters of back to back negative gdp growth ...that has not happened


I did hear a quick mention about the US being in a recession by someone on the news (No definition).  We certainly don't like the word or its implications.  Time will tell.


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## Aunt Bea (Jun 10, 2020)

Economist Jason Furman refers to the state of the US economy as a medically induced coma.   

Whatever we choose to call it the result will be a widening of the gap between the haves and the have-nots at a time when tensions around the world are at an all-time high.


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## Em in Ohio (Jun 10, 2020)

Aunt Bea said:


> Economist Jason Furman refers to the state of the US economy as a medically induced coma.
> 
> Whatever we choose to call it the result will be a widening of the gap between the haves and the have-nots at a time when tensions around the world are at an all-time high.


Sad, but true, Aunt Bea.


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## OneEyedDiva (Jul 15, 2020)

mathjak107 said:


> except the actual definition of a recession in america  is two quarters of back to back negative gdp growth ...that has not happened


Am I reading the OP wrong. Isn't it written as a prediction (projection) not that it's already happened?
@Aunt Bea I agree.


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## Em in Ohio (Jul 17, 2020)

OneEyedDiva said:


> Am I reading the OP wrong. Isn't it written as a prediction (projection) not that it's already happened?
> @Aunt Bea I agree.


In the OP, it was declaring a 'global' recession, not necessarily a USA recession.  Regarding "Two quarters of back to back negative gdp (for USA)" - I expect we will see it.


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## Don M. (Jul 17, 2020)

With so many people reluctant to adhere to the mask and distancing recommendations, this virus is showing signs of resurgence.  This will ultimately lead to another "lockdown", and increased unemployment numbers.  We are a LONG way from returning to anything Normal.


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## oldmontana (Jul 17, 2020)

Don M. said:


> With so many people reluctant to adhere to the mask and distancing recommendations, this virus is showing signs of resurgence.  This will ultimately lead to another "lockdown", and increased unemployment numbers.  We are a LONG way from returning to anything Normal.


I see it happening were I live.  Protesters not wearing masks and in the face of employees.  

Whats so hard for people to protect others and themselves.  We went through this with seat belts.  

I see a world wide recession if we do not come up with a vaccination in the next 3 months.


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## Knight (Jul 18, 2020)

I look at this as a reset of what is important. Life at this age means enjoying each day.

World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, told AFP.

Not particularly concerned about world recession. But it's fun  enjoying trying to pronounce Pazarbasioglu .


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## 911 (Jul 19, 2020)

A second shutdown would probably be devastating. I seriously doubt if this President would let that happen because even a financial nitwit like me even knows we could never allow that to happen.


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## CallmeIshmael (Jul 25, 2020)

These next few years are going to be rough.  A deep recession and a long slow recovery.  The fed may be propping up the stock market, but a lot of people will be without jobs for a long time.


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