World Bank Warns China Growth Could Screech to a Halt
The coronavirus pandemic's economic fallout could cause China's growth to come to a virtual standstill and drive 11 million more people in East Asia into poverty, the World Bank has warned.
Washington, March 31: The coronavirus pandemic's economic fallout could cause China's growth to come to a virtual standstill and drive 11 million more people in East Asia into poverty, the World Bank has warned.
The pandemic is causing "an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region," said Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific on Monday.
Even in the best-case scenario, the region will see a sharp slowdown, with China's growth slowing to 2.3 per cent from 6.1 per cent in 2019, according to a report on the pandemic's impact on the region.
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