WASHINGTON - The coronavirus pandemic's economic fallout could cause China's growth to come to a standstill while driving 11 million more people in East Asia into poverty, the World Bank warned Monday.
With two-fifths of the world's population under some form of lockdown that's caused the shuttering of businesses and a slowdown in transportation to try to contain the virus, the country where the outbreak originated may escape a recession but will nonetheless suffer a sharp slowdown. The East Asia and Pacific region, excluding China, could see growth slow to 1.3 percent in the baseline or contract 2.8 percent in the more pessimistic scenario as compared to 5.8 percent last year, the report said.
But an additional 11 million people could descend into poverty under the more negative outlook, where there is a severe economic contraction followed by a sluggish recovery.
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