The World Bank on Wednesday warned that by 2021, as many as 150 million people are likely to be in extreme poverty because of the pandemic and countries will have to prepare for a "different economy" post-COVID-19 by allowing capital, labour, skills and innovation to move into new businesses and sectors.

The pandemic is estimated to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021, depending on the severity of the economic contraction, according to the Washington-based global lender.