HONG KONG: The coronavirus could wipe more than US$200 billion off Asia Pacific economies this year, S&P Global ratings warned Friday, sending growth to its lowest level in more than a decade, as governments struggle to combat the disease.
S&P said it expected the region to grow 4% this year as supply and demand shocks blow a US$211 billion hole in the economy. That compares with a 4.8% estimate given in December and would be the worst performance since a contraction in 2008 caused by the global financial crisis. It saw China’s economy — which was already stuttering before the crisis struck — expanding 4.8% this year, which would be the worst in three decades.
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