The crown outbreak will have a strong impact on emerging economies in Asia and in some countries can plunge the region into recession, warns the World Bank. In a grim report released Monday, the institution of the pandemic, based in Washington, said considerable economic pain to all countries cause, and could throw millions in the Asia-Pacific region in poverty. “Countries in East Asia and the Pacific, already with the tensions of international trade and the impact of the spread of COVID-19 in China are now done in front of a global shock,” said Victoria Kwakwa, the vice president of the East Asia World Bank and Pacific. Under the worst case scenario, which assumes a prolonged pandemic with serious consequences, the Asian economies are expected to decrease by 0.5%, the report estimates. These conditions could force 11 million people in the region living in poverty, and see 24 million people to escape poverty but have in the absence of the virus would be. The families more falls of poverty based on sectors particularly vulnerable to the effects COVID-19, including tourism in Thailand, Cambodia and the Pacific Islands and Cambodia and Vietnam for the production. “The risk of falling into poverty, the sick, or other forms of social protection is particularly high in the informal sector and self-employed, paid lacking,” the report said. Even in “basic” conditions take the strong recovery efforts, the bank is forecasting growth in the countries in developing the region to shrink 2.1% in 2020, recorded, compared to 5.8% in 2019. In China, the second largest economy in the world is the estimated growth of 2.3% this year and the pessimistic scenario falls 0.1%, slowing to the bank. China recorded growth of 6.1% last year, which was more information since the lower GDP growth in 1992: a silent epidemic? The experts from the corona virus spread undetected to be feared in Southeast Asia offset some of the pain by the pandemic, governments in the region should invest in health care capacity and provide health benefits and health care, the report said. “In addition to national measures fat, deeper international cooperation is the most effective vaccine against this threat virulent,” Aaditya Mattoo, chief economist for East Asia and the Pacific of the World Bank, said in a press release. could “Countries in East Asia and the Pacific and elsewhere must fight this disease together, hold open trade and coordinate macroeconomic policies.” This sharp slowdown serious impact on the global economy. While the World Bank for the rest of the world not yet published forecasts, said the head of the International Monetary Fund last week that the world economy is now clearly a recession at the same level or worse, the slowdown occurred in 2009 as. COVID-19 has more than 786,000 infected people in more than 175 countries and regions. Picture copyright by Linh Pham-Getty Images
World Bank says the Crown some Asian economies into recession Press May
