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Worst-ever economic slump for China ahead

By IndianMandarins- 31 Mar 2020
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worst-ever-economic-slump-for-china-ahead

World Bank has warned that COVID-19 pandemic's economic fallout could cause China's growth to come to a virtual standstill and drive 11 million more people in East Asia into poverty.

Aaditya Mattoo, the WB chief economist for East Asia and the Pacific, said that the pandemic is causing "an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region."

According to a report on the pandemic's impact on the region, even in the best-case scenario, the region will see a sharp slowdown, with China's growth slowing down to 2.3 percent from 6.1 percent in 2019.

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