Delta variant slows economic growth in East Asia and the Pacific: World Bank
Posted on: Tuesday, September 28, 2021
WASHINGTON: The recovery of the East Asia and Pacific region has been compromised by the spread of the delta variant of COVID-19, the World Bank said on Monday, calling for a comprehensive strategy to contain COVID-19 and stimulate inclusive growth. Economic activity began to slow in the second quarter of 2021, and growth forecasts have been revised down for most countries in the region, according to the new economic update for East Asia and the United States. Pacific Fall 2021 from the World Bank. “While in 2020 the region contained COVID-19 while other regions of the world struggled, the increase in COVID-19 cases in 2021 has reduced growth prospects for 2021,” Manuela said. Ferro, World Bank Vice President for East Asia and the Pacific.
While the Chinese economy is expected to grow 8.5%, up 0.4 percentage point from April forecast, the rest of the region is expected to grow 2.5%, or 1.9 percentage point. percentage lower than expected in April, according to the report. Noting that there are variations from country to country, Aaditya Mattoo, chief economist for East Asia and the Pacific at the World Bank, told Xinhua in a remote interview on Monday that some countries like China have been relatively successful in at least keeping this virus at bay, but other countries that were doing well before, notably Vietnam and Malaysia, are now struggling to contain it and are experiencing a “significant” contraction of the virus. the economic activity.
Others like the Philippines and Indonesia, he continued, have always struggled and their struggles have been “worse”, so they are also seeing a contraction in economic activity and the forecast for them is less promising than. ‘previously. * Follow us on Instagram and join our Telegram and or WhatsApp channel (s) for the latest unmissable news * Do you have access to the Daily Express e-paper and exclusive online news? To verify subscription plans available