But under a worse case, in which the adverse effects of the virus spillover into next year, the region’s economy would contract by 0.5 percent, the bank estimates. More than 11 million people could fall into poverty in the region under the worse-case scenario, the bank estimates. In the worse case scenario, growth in China would come to a near halt with a tiny 0.1 percent gain. “In addition to bold national actions, deeper international cooperation is the most effective vaccine against this virulent threat,” said Aaditya Mattoo, chief economist for East Asia and the Pacific at the World Bank. The IMF has said it will commit if needed its full US$1 trillion in lending resources to support nations hit by the virus.

Source: The Standard March 31, 2020 03:26 UTC