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Pandemic to keep Asia's growth at lowest since 1967 - World Bank

Daniel Leussink
·1 min read

By Daniel Leussink

TOKYO, Sept 29 (Reuters) - The coronavirus pandemic is expected to stoke the slowest growth in more than 50 years in East Asia and the Pacific as well as China, the World Bank said in an economic update on Monday.

The bank said the region is expected to grow by only 0.9% in 2020, the lowest rate since 1967.

Growth in China was expected to come in at 2.0% this year, boosted by government spending, strong exports and a low rate of new coronavirus infections since March, but held back by slow domestic consumption.

The rest of the East Asia and Pacific region were projected to see a 3.5% contraction, the World Bank said. (Reporting by Daniel Leussink, Editing by Sherry Jacob-Phillips)