MANILA – The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine, warning the region could lose further momentum if conditions worsen.
But growth could slow to 4.0% if conditions worsened and government policy responses were weaker, World Bank said. “The region confronts a triad of shocks which threaten to undermine its growth momentum,” said World Bank East Asia and Pacific Chief Economist Aaditya Mattoo. Mattoo said Russia’s invasion of Ukraine was more worrying given that the region was still contending with the effects of the COVID-19 pandemic, a structural slowdown in China and faster inflation that could prompt quicker U.S. monetary tightening.
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