Similar Stories to World Bank Says Coronavirus May Push Some Asian Economies Into Recession on Bing News

Amy Gunia, Time: Business
Tue, 03/31/2020 - 3:12am

The coronavirus outbreak will have a profound impact on emerging Asian economies and may push some countries in the region into a recession, the World Bank warns. In a bleak report released Monday, the Washington-based institution said the pandemic will inflict significant economic pain on all countries, and could throw millions in the Asia Pacific region into poverty. “Countries in East Asia and the Pacific that were already coping with international trade tensions and the repercussions of the spread of COVID-19 in China are now faced with a global shock,” said Victoria Kwakwa, the World Bank’s Vice President for East Asia and the Pacific. Under the worst case scenario, which assumes a prolonged pandemic with more severe effects, Asian economies would contract 0.5%, the report estimates.

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