Coronavirus outbreak taking big toll on Asia’s economy, says World Bank

The World Bank is estimating that the coronavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty. Under a worst-case scenario, the region could suffer its sharpest downturn since a devastating currency crisis more than two decades ago, the bank said in an updated forecast released Monday. The 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.

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