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Title : World Bank Chief Economist Warns That A Financial Crisis Will Occur If The Pandemic Continues
link : World Bank Chief Economist Warns That A Financial Crisis Will Occur If The Pandemic Continues

World Bank Chief Economist Warns That A Financial Crisis Will Occur If The Pandemic Continues

Business Insider: A financial crisis could emerge from the coronavirus's lingering fallout, World Bank chief economist says 

 * Achieving herd immunity and bringing the coronavirus in check won't resolve all of the pandemic's economic damage, Carmen Reinhart, chief economist at the World Bank, said Tuesday. 

 * What began as a health crisis is creating "your classic balance sheet problems" and risks plunging the world into a dire financial crisis, Reinhart said on Bloomberg TV.

 * "A rebound this year still leaves per-capita income below where it was before the crisis. Calling it a recovery is misleading," she added. 

 * The pandemic's length has placed outsized strains on the balance sheets of households, businesses, and countries, and mounting debt piles risk exacerbating the problem, the economist said. 

Vaccine distribution is expected to bring an end to the coronavirus

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pandemic, but households and companies will still face severe debt pressures, Carmen Reinhart, chief economist at the World Bank, said Tuesday. 

The pandemic is on the cusp of its one-year anniversary, and its fallout is expected to linger until well after cases tumble. What started as a health crisis is now morphing into "your classic balance sheet problems," Reinhard said. 

Those strains threaten to keep the global economy from staging a full bounce-back in the near-term.

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Update #1: Reinhart Frets World Faces Financial Crisis if Pandemic Lingers (Bloomberg) 

Update #2: World Bank Head Sees "Quiet" Financial Crisis Brewing As Pandemic Lingers (Zero Hedge) 

WNU Editor: She has been warning of an economic/financial crisis since October .... Top World Bank economist says coronavirus pandemic morphing into 'major economic crisis' (FOX News).

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