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World Bank: Coronavirus to Leave 'Lasting Scars' on Developing World

Image used for representation.

Image used for representation.

The bank said that the average emerging market country suffering a financial crisis could see potential output fall by 8% over a five year period.

The World Bank said on Tuesday that it expects the coronavirus and resulting recessions to leave "lasting scars" on developing and emerging market countries, with the worst damage on oil exporters and those suffering financial crises.

In analytical chapters of its new Global Economic Prospects report, the bank said that the average emerging market country suffering a financial crisis could see potential output fall by 8% over a five year period, with lost output for developing oil exporters falling 11%.