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.
Even in the best-case scenario, the region will see a sharp drop in growth, with China’s expansion slowing to 2.3% from 6.1% in 2019, according to a report on the pandemic’s impact on the region.
Just two months ago, the World Bank’s economists forecast China would grow by 5.9% this year, which would have been its worst performance since 1990.
Now the world’s second-largest economy faces a more dire outlook, reflected in the record contraction in manufacturing activity in February and industrial production that fell for the first time in 30 years.
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