Pandemic to keep Asia's growth at lowest since 1967, says World Bank

The World Bank says Asia is expected to grow by only 0.9 per cent in 2020, the lowest rate in more than 50 years. — Reuters pic

TOKYO, Sept 29 — The coronavirus pandemic is expected to stoke the slowest growth in more than 50 years in East Asia and the Pacific as well as China, the World Bank said in an economic update today.

The bank said the region is expected to grow by only 0.9 per cent in 2020, the lowest rate since 1967.

Growth in China was expected to come in at 2.0 per cent this year, boosted by government spending, strong exports and a low rate of new coronavirus infections since March, but held back by slow domestic consumption.

The rest of the East Asia and Pacific region were projected to see a 3.5 per cent contraction, the World Bank said. — Reuters

Source: Malay Mail