COVID-19: China’s growth could come to a screeching halt
Beijing, Mar 31: The World Bank has warned that in the wake of the coronavirus outbreak, China's growth could come to a screeching halt.
The pandemic's economic fallout could cause China's growth to come to a virtual standstill, the World Bank has said. It has also said that the fallout could also result in 11 million more people in East Asia going into poverty.
The pandemic is causing an unprecedented global shock, which could bring growth to a halt.
This could increase poverty across the region, according to Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific.
Even in the best case scenario, the region will see a sharp slowdown. China's growth would slow down to 2.3 per cent from 6.1 per cent in 2019, the report also said.