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Coronavirus shutdowns around the world could undo three years of gains in alleviating poverty, the president of the World Bank has said.

In the latest apocalyptic prediction by a member of the global financial elite, David Malpass said that up to 60 million people could be pushed below the poverty line, according to World Bank estimates, as the global economy shrinks by around 5%.

Malpass said that the World Bank group had so far loaned money for emergency programmes in 100 countries, accounting for about 70% of the world’s population, in response to the crisis. He said the money would “reinforce healthcare systems” as well as pay for medical equipment and supplies.

According to a transcript of his speech on the World Bank website, he said:

The health and economic impacts that the Covid-19 pandemic and shut down have inflicted on developing countries are severe. Our estimate is that up to 60 million people will be pushed into extreme poverty – that erases all the progress made in poverty alleviation in the past three years. And our forecasts indicate deep recession this year as much as minus five percent recession for the global economy. Families have lost loved ones, millions of jobs and livelihoods are lost, the health systems are under enormous strain worldwide.