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World Bank: New Crown Epidemic Will Slow Economic Growth in East Asia and China

World Bank: New Crown Epidemic Will Slow Economic Growth in East Asia and China


The latest economic report released by the World Bank on the 30th pointed out that the new crown epidemic will seriously slow the economic growth of developing economies in East Asia and the Pacific and China.

The World Bank said that it is difficult to accurately predict economic growth because of rapid changes in the situation, but the current baseline is that the economic growth of developing economies in the Asia-Pacific region will slow to 2.1% in 2020, and the worst case is negative 0.5%, compared with Below, the estimate for 2019 is 5.8%.

The report also pointed out that the economic growth of China, which had a new crown outbreak in December last year, is expected to slow to 2.3%, and the worst may even be 0.1%, compared with an estimated 6.1% in 2019.

The World Bank recommends that Asia-Pacific countries invest in healthcare resources and take targeted fiscal measures, such as subsidizing paid sick leave and the healthcare system, to mitigate the immediate impact of the epidemic.

In addition, countries should also seek to deepen international cooperation and new cross-border public-private partnerships to extend the assembly and provide of important medical supplies and services and ensure financial stability after the crisis.

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