Covid-19 pandemic will push millions across East Asia and the Pacific into poverty this year, says World Bank

WASHINGTON - Poverty in East Asia and the Pacific could increase this year for the first time in 20 years as the coronavirus pandemic keeps people in poverty and creates a class of new poor, the World Bank said on Tuesday (Sept29). While China will fare better than its neighbours, the region as a whole is still expected to grow by only 0.9 per cent this year, the lowest rate since 1967, the Washington-based international development lender said in its latest economic update report. China is forecast to grow by 2 per cent this year, buoyed by strong government spending, strong exports, and a low rate of new infections since March, but the rest of the region is likely to shrink by 3.5 per cent. In the report, the World Bank examined how the region's developing countries were hit by the "triple shock" of the pandemic, containment measures, and the global recession, and called for reforms to alleviate their impact on the poor and on regional growth. "While the devastation caused by Covid-19 is common knowledge, less recognised is that what happens to the economy today and growth tomorrow will depend less on the virus, To keep reading about Covid-19 pandemic will push millions across East Asia and the Pacific into poverty this year, says World Bank, Click on the link. Seoul, Korea
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