World Bank Warns Of 'Economic Imperative' To Respond Rapidly To Ebola

By Elizabeth Anderson, Business Reporter

World Bank Group President Jim Yong Kim will says the world is once again learning the ‘terrible consequences’ of responding too slowly to a pandemic.

Addressing the US institution Howard University, he will say that global leaders have left it too late to come to the aid of the three countries most affected by Ebola – Guinea, Liberia, and Sierra Leone – and that the epidemic could spread further afield.

His speech comes as the first case of Ebola is diagnosed in the US. The unidentified patient, currently being kept in isolation at the Texas Health Presbyterian Hospital, is thought to have contracted the virus in Liberia before travelling to the US nearly two weeks ago.

The World Bank estimates that the disease could cost the three African countries $809m by next year if it continues to spread. In Liberia, the hardest hit country, it predicts that Ebola could hit output by 11.7pc in 2015, costing the country $93m and reducing GDP growth from 6.8pc to -4.9pc, if the disease is not contained.

“Inflation and food prices were initially contained but are now rising in response to shortages, panic buying, and speculation,” the World Bank said. “Exchange rate volatility has increased in all three countries, particularly since June, fueled by uncertainty and some capital flight.”

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