The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless 'urgent action' is taken, the World Bank warned in a report released Monday.
Hong Kong The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless"urgent action" is taken, the World Bank warned in a report released Monday.
In the worse-case scenario outlined by the Washington-based financial institution, the region could suffer its sharpest downturn in more than two decades, plunging much of Asia into a prolonged recession. The bank's baseline forecast projects that regional growth could slow to 2.1% in 2020, compared to estimated growth of 5.8% in 2019. However, under its worse case projection, the region's economy could contract by 0.5%, creating the potential for an extended crisis.
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