World Bank cuts Asia growth outlook, calls for virus action
3 years, 2 months ago

World Bank cuts Asia growth outlook, calls for virus action

Associated Press  

BEIJING — The World Bank on Tuesday cut its economic growth forecast for developing countries in East Asia due to the impact of the coronavirus’s delta variant and called on governments to help the poor and small businesses avoid long-term damage. It said business activity in Vietnam, Thailand, the Philippines and other economies was improving but now is “showing signs of slowing down.” “The region is being hit hard by the COVID-19 Delta variant while many advanced economies are on a path to economic recovery,” the World Bank said. “COVID-19 will reduce growth and increase inequality unless the scars are addressed and the opportunities grasped.” The region must increase vaccine production due to the unreliability of imports and high demand, the bank said. To prevent long-term economic damage, the bank said governments need to support productive companies and encourage new competitors, promote technology development and reduce trade barriers.

China Bank World Bank  vietnam  region  outlook  governments  asia  action  variant  need  growth  reduce  cuts  virus  calls  bank  world  economic

History of this topic

Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says
8 months, 3 weeks ago

Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says

Associated Press  

BANGKOK — Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday. Debt, trade barriers and policy uncertainties are dulling the region’s economic dynamism and governments need to do more to address long-term problems …

India, China to contribute half of global growth: IMF
1 year, 7 months ago

India, China to contribute half of global growth: IMF

Deccan Chronicle  

New Delhi: Growth in the dynamic Asia-Pacific region is projected to increase to 4.6 per cent this year from that of 3.8 per cent recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its Regional Economic Outlook - Asia and Pacific report released on Tuesday, the …

World Bank cuts 2022 China growth forecast to 2.7 per cent from 4.3 per cent predicted in June
2 years ago

World Bank cuts 2022 China growth forecast to 2.7 per cent from 4.3 per cent predicted in June

Firstpost  

The World Bank in a report released on Tuesday slashed its 2022 China growth forecast to 2.7 per cent, from 4.3 per cent predicted in June, as the pandemic and weaknesses in the property sector hit the world’s second-largest economy. Washington: The World Bank in a report released on Tuesday slashed its 2022 China growth forecast to 2.7 per cent, …

World Bank slashes China growth forecasts citing pandemic, property sector crisis
2 years ago

World Bank slashes China growth forecasts citing pandemic, property sector crisis

Hindustan Times  

The World Bank on Tuesday slashed its China growth forecast for the year as the pandemic and weaknesses in the property sector hit the world's second largest economy. "Economic activity in China continues to track the ups and downs of the pandemic -- outbreaks and growth slowdowns have been followed by uneven recoveries," the World Bank said. "Continued adaptation of …

World Bank slashes China’s growth outlook to 2.7 percent in 2022
2 years ago

World Bank slashes China’s growth outlook to 2.7 percent in 2022

Al Jazeera  

The World Bank has slashed its growth outlook for China’s economy, as nearly three years of “zero-COVID” curbs and a real estate slump weigh on the world’s second largest economy. Mara Warwick, World Bank country director for China, Mongolia and Korea, said China’s “continued adaptation” of its pandemic policies would be crucial to the country’s economic recovery and public health. …

World Bank cuts India's growth forecast to 6.5%
2 years, 2 months ago

World Bank cuts India's growth forecast to 6.5%

India Today  

The World Bank trimmed India's growth forecast for this financial year by a full percentage point on Thursday and predicted a 9.5% contraction in crisis-hit Sri Lanka, as rising commodity prices and debt trouble hit economies in South Asia. "Private investment growth is likely to be dampened by heightened uncertainty and higher financing costs," the World Bank said in its …

World Bank slashes economic outlook for Asia over China slowdown
2 years, 2 months ago

World Bank slashes economic outlook for Asia over China slowdown

Al Jazeera  

The Washington-based lender expects the region to grow 3.2 percent in 2022, down from a 5 percent forecast in April. The World Bank has slashed its economic outlook for the Asia-Pacific, pointing to China’s ultra-strict “zero-COVID” policy as a drag on regional growth. The bank is the latest financial institution to cut its growth forecast for Asian economies after the …

‘Risks loom large’: Asian Development Bank cuts growth forecast
2 years, 3 months ago

‘Risks loom large’: Asian Development Bank cuts growth forecast

Al Jazeera  

Manila-based development bank lowers the growth forecast for 2022 from 5.2 percent to 4.3 percent. The Asian Development Bank has slashed its economic growth forecast for Asia’s developing economies, pointing to challenges including China’s “zero COVID” lockdowns, the war in Ukraine and rising interest rates. The Manila-based development bank said on Wednesday it had lowered its growth forecast for 2022 …

Asia’s economic growth outlook slashed on China, Ukraine fears
2 years, 5 months ago

Asia’s economic growth outlook slashed on China, Ukraine fears

Al Jazeera  

The Asian Development Bank has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates in developed economies and the war in Ukraine. Asia’s developing economies, which include China and India, are expected to grow 4.6 percent in 2022 and 5.2 percent in 2023, according to the ABD’s latest economic outlook released …

World Bank projects war shocks to drag on Asian economies
2 years, 8 months ago

World Bank projects war shocks to drag on Asian economies

The Hindu  

Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday. The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for …

Developing countries face growing risks from financial fragility: World Bank
2 years, 10 months ago

Developing countries face growing risks from financial fragility: World Bank

India TV News  

Highlights Developing countries face growing risks from financial fragility created by Covid crisis World Bank urged policymakers to focus on creating healthier financial sectors WB chief said it's critical to work toward broad-based access to growth-oriented capital allocation Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in …

China growth forecasts slashed as Delta variant spreads across the country
3 years, 4 months ago

China growth forecasts slashed as Delta variant spreads across the country

CNN  

Hong Kong CNN Business — China’s worst coronavirus outbreak in a year has authorities taking dramatic measures to stamp out new infections. “With the virus spreading to many of China’s provinces and local governments reacting swiftly to control the spread of the highly contagious Delta variant, we have begun to see softening in national aggregate data,” the analysts said in …

Uneven COVID-19 vaccine distribution may hamper economic recovery in developing nations: IMF
3 years, 4 months ago

Uneven COVID-19 vaccine distribution may hamper economic recovery in developing nations: IMF

Firstpost  

IMF chief economist Gita Gopinath flagged the “widening gap” as advanced economies grow faster and developing nations, especially in Asia, slow. World GDP will expand by six percent this year, unchanged from the April forecast, but IMF chief economist Gita Gopinath flagged the “widening gap” as advanced economies grow faster and developing nations, especially in Asia, slow. The Washington-based crisis …

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB
3 years, 7 months ago

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB

News 18  

The Indian economy is projected to grow at 11 per cent in the current financial year amid the “strong” vaccine drive, said ADB on Wednesday, while cautioning that the recent surge in Covid cases may put the country’s economic recovery at “risk”. “India’s economy is expected to grow 11 per cent in fiscal year 2021, which ends on March 31, …

Faster global growth driven primarily by US, China and India: World Bank president David Malpass
3 years, 8 months ago

Faster global growth driven primarily by US, China and India: World Bank president David Malpass

India TV News  

There is now a faster global growth driven primarily by the United States, China and India, World Bank president David Malpass has said even as he expressed concern over growing inequality due to the COVID-19 pandemic. There's the interest rate differential, where poor countries face much higher interest rates and they haven't gone down the way global interest rates have …

ADB predicts a less severe economic dip for Asia
4 years ago

ADB predicts a less severe economic dip for Asia

Al Jazeera  

Developing Asia is expected to contract less than previously expected as China and India post economic recoveries. Developing Asia is on course to contract this year, but probably less than previously thought as China’s economy enjoys a faster than expected recovery, the Asian Development Bank said on Thursday. Economic growth in developing Asia, a group of 45 nations in the …

China's economy in good shape despite COVID-19
4 years, 5 months ago

China's economy in good shape despite COVID-19

China Daily  

Passengers take photos of the Shanghai-Suzhou-Nantong Yangtze River Bridge on a train from Shanghai to Nantong as both the bridge and the Shanghai-Suzhou-Nantong Railway opened on July 1. China's economy is running in relatively good shape despite the impact from the COVID-19 outbreak, reporting better-than-expected second quarter growth, the country's top economic regulator said on Friday. Yan Pengcheng, director of …

China's economy in good shape despite COVID-19
4 years, 5 months ago

China's economy in good shape despite COVID-19

China Daily  

Passengers take photos of the Shanghai-Suzhou-Nantong Yangtze River Bridge on a train from Shanghai to Nantong as both the bridge and the Shanghai-Suzhou-Nantong Railway opened on July 1. China's economy is running in relatively good shape despite the impact from the COVID-19 outbreak, reporting better-than-expected second quarter growth, the country's top economic regulator said on Friday. Yan Pengcheng, director of …

Discover Related