NEW DELHI: South Asia is on course for its worst economic performance in 40 years, with decades of progress in the battle against poverty at risk, because of the coronavirus, the World Bank said on Sunday. “South Asia finds itself in a perfect storm of adverse effects. Tourism has dried up, supply chains have been disrupted, demand for garments has collapsed and consumer and investor sentiments have deteriorated,” said a World Bank report. Governments need to “ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery,” the World Bank said. The World Bank is taking “broad, fast action,” deploying up to $160 billion in financial support over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.

Source: Manila Times April 12, 2020 03:56 UTC