The World Bank has predicted that the Coronavirus pandemic will result in the lowest growth rate in more than 50 years in East Asia, the Pacific and China, while it will pay up to 38 million Someone towards poverty.
According to Reuters, the World Bank predicted in its report issued on Monday that the region would achieve growth of only 0.9 percent in 2020, the lowest level since 1967.
It was expected that growth in China would reach two percent this year, supported by government spending, strong exports and a low rate of new infections with the Coronavirus since March, but it declined due Slow domestic consumption.
The World Bank said that the rest of the East Asia and Pacific region is expected to contract by 3.5 percent.
The report said that the pandemic and efforts to contain its spread had led to a significant contraction in economic activity.
He added that these local difficulties were associated with a global recession resulting from the pandemic, which has severely affected the economies of East Asia and the Pacific that depend on trade and tourism.
The Washington-based World Bank said that countries in the region may need to implement financial reforms in order to raise revenues to counter the financial and economic impact of the pandemic, while social protection programs can help in Supporting the reintegration of workers into the economy.
and monitor countries that had effective social protection programs and good employment of infrastructure before the Corona pandemic managed to recover faster during the pandemic.
The bank indicated that the economic shock resulting from the pandemic is also expected to lead to a jump in poverty, which is defined as a drop in income below $ 5.50 a day, adding that according to Based on past experiences and the latest projections of GDP growth, the number of those belonging to this category is expected to expand between 33 and 38 million, which is the first increase in nearly twenty years.
