As many as 150 million people could be in extreme poverty by 2021 due to the coronavirus pandemic, the World Bank warned on Wednesday. It added that the nations across the globe will see a “different economy” after the phase of COVID-19 as the capital, skills, labour and innovation will move into new sectors of businesses.

As per the data maintained by the World Bank, 115 million people are currently into extreme poverty and the pandemic may push 88 million more by the end of this year. The global lender added that the world was expecting to see a fall of 7.9 per cent in poor population by 2020 before the COVID-19 started to spread.

“The pandemic and global recession may cause over 1.4 per cent of the world’s population to fall into extreme poverty,” World Bank Group President David Malpass said.

“In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labour, skills and innovation to move into new businesses and sectors,” he added.

According to the World Bank, countries with high poverty rates and more middle-income citizens are expected to suffer the most.