World Bank calls for rapid action to prevent Covid debt crisis

Institution says pandemic has led to sharpest rise in government debt in more than 30 years

• Coronavirus - latest updates
• See all our coronavirus coverage

The World Bank has called for rapid and decisive action to prevent a new debt crisis as it said the Covid-19 pandemic could result in a decade of disappointment for the global economy.

In its half-yearly health check, the Washington-based institution said the pandemic had led to the sharpest annual increase in government debt in more than 30 years, and had exposed the vulnerability of many emerging market and developing countries.