US economy

Pandemic to hit growth in Asia, China – World Bank


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© Reuters. A participant stands near a logo of World Bank at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua

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WASHINGTON (Reuters) – The coronavirus pandemic is expected to sharply slow growth in developing economies in East Asia and the Pacific as well as China, the World Bank said in an economic update on Monday.

The Bank said precise growth forecasts were difficult, given the rapidly changing situation, but its baseline now called for growth in developing economies in the region to slow to 2.1% in 2020, and to -0.5% in a lower case scenario, compared to estimated growth of 5.8% in 2019.

In China, where the coronavirus outbreak originated in late December, growth was projected to slow to 2.3% in the baseline scenario, or as low as 0.1% in the lower case scenario, compared to growth of 6.1% in 2019.

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