Pandemic hit economic growth in Asia, China – World Bank
US, WASHINGTON (ORDO NEWS) — The coronavirus pandemic is expected to significantly slow the growth of emerging economies in East Asia and the Pacific, as well as China, according to a World Bank economic survey published Monday.
The Bank said that it is difficult to give accurate forecasts due to the rapidly changing situation, but the base scenario currently envisages a slowdown in the developing economies of the region to 2.1% in 2020 and minus 0.5% with a more unfavorable scenario compared to 5.8% in 2019.
In China, where the outbreak of coronavirus began in late December, growth is projected to slow to 2.3% in the baseline scenario, or to 0.1% in a more unfavorable scenario compared to 6.1% in 2019.
The report said the region was confronted with an unusual combination of “destructive and complementary events.”
“Significant economic difficulties seem to be inevitable in all countries,” the World Bank said.
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