World Bank Warns China Growth Could Come To A Halt
Office workers and pedestrians wearing protective masks walk along Queen’s Road Central in the Central district of Hong Kong, China.(Photographer: Paul Yeung/Bloomberg)  

World Bank Warns China Growth Could Come To A Halt

Bookmark

The coronavirus pandemic's economic fallout could cause China's growth to come to a virtual standstill and drive 11 million more people in East Asia into poverty, the World Bank has warned.

The pandemic is causing "an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region," said Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific on Monday.

Even in the best-case scenario, the region will see a sharp slowdown, with China's growth slowing to 2.3 percent from 6.1 percent in 2019, according to a report on the pandemic's impact on the region.

Also read: China’s Finance World Opens Up to Foreigners, Sort Of

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.