WEB DESK
The World Bank has said that the economic slowdown due to Covid-19 pandemic could throw millions of people into poverty in China and other East Asian-Pacific countries.
In a revised forecast released yesterday, the bank said that the region could suffer its sharpest downturn since the devastating 1997-98 Asian currency crisis.
The World Bank report projected that growth in the region would slow to 2.1 per cent this year from 5.8 per cent in 2019. The Bank said it has not finished forecasts for other parts of the world.
Last week, International Monetary Fund Managing Director Kristalina Georgieva had said that the global economy has entered a recession that could be as bad or worse than the 2008 financial crisis.