World Bank chief says coronavirus pandemic widening inequality gap

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.

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.