COVID-19: East Asia, Pacific face drop in GDPReutersThe East Asia and Pacific region’s recovery has been undermined by the spread of the Delta variant of SARS-CoV-2, which is likely slowing economic growth and increasing inequality in the region, the World Bank said on Monday. Economic activity began to slow in the second quarter of this year, and growth forecasts have been downgraded for most countries in the region, the World Bank’s East Asia and Pacific Fall 2021 Economic Update said. Photo: Reuters“The economic recovery of developing East Asia and Pacific faces a reversal of fortune,” World Bank vice president for East Asia and Pacific Manuela Ferro said. “Whereas in 2020 the region contained COVID-19 while other regions of the world struggled, the rise in COVID-19 cases in 2021 has decreased growth prospects for 2021,” Ferro said. While that would not eliminate COVID-19 infections, it would significantly reduce mortality, allowing a resumption of economic activity.

Source: Taipei Times September 28, 2021 15:56 UTC