In a report released today, the World Bank projected 2020 growth in developing East Asia and Pacific to slow to just 2.1% in the base line scenario, and -0.5% in the lower case scenario. That’s a sharp deterioration from 5.8% growth in 2019. For China, growth could be at 2.3% in the baseline and 0.1% in the lower case scenario, down from 2019’s 6.1%.
The report said the region is witnessing an “unusual combination of disruptive and mutually reinforcing events.” “Significant economic pain seems unavoidable in all countries.” “Containment of the pandemic would allow for a sustained recovery in the region, although risks to the outlook from financial market stress would remain high.”
