World Bank says coronavirus will keep East Asia and Pacific’s growth at lowest since 1967

The World Bank on Monday said that East Asia and the Pacific region is expected to grow at 0.9% this year, the lowest since 1967, due to the coronavirus pandemic. The bank warned that up to 38 million people were expected to remain stuck in poverty or be pushed back into poverty in the region.

In its “From Containment to Recovery” report, which is an update on East Asia and Pacific economies, the financial institution said the region needs to take “swift action” so that the coronavirus pandemic does not hamper growth and increase poverty.

The bank estimated China to grow at 2%, boosted by government spending, strong exports and a low rate of new coronavirus infections since March. But it added that the Chinese economy will be held back by slow domestic consumption. For the rest of the East Asia and Pacific region, the bank projected a 3.5% contraction.

“The pandemic…

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