The global economy is facing "staggeringly large" losses from the coronavirus pandemic and the recovery is hampered by a shortage of resources, World Bank President David Malpass said Tuesday.

In this file photo World Bank Group President David Malpass speaks at a press briefing on COVID-19 in Washington, DC, on March 4, 2020. (Photo: AFP)

The initial estimate of $5 trillion in economic value destroyed by the measures against COVID-19 likely falls far short of the actual damage, Malpass told AFP in an interview.

The crisis will also force developing nations to rethink the structure of their economies, he said.