World Bank: Covid-19 likely to crush Asia's economy

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World Bank: Covid-19 likely to crush Asia's economy

Mar 31, 2020 11:27 IST

The World Bank estimates that the cornavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty. Under a worse-case scenario, the region could suffer its sharpest downturn since a devastating currency crisis more than two decades ago, the bank said in a forecast released Monday. World Bank's report projects that growth in the region would slow to 2.1% this year from 5.8% in 2019 under a 'baseline' forecast in which economic recovery takes hold this summer. More than 11 million people could fall into poverty in the region in this scenario, the bank said.

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