World Bank cuts East Asia's 2022 GDP forecast on Ukraine war
The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia's invasion of Ukraine, warning the region could lose further momentum if conditions worsen.
Source: www.reuters.com
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MANILA (Reuters) - The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine.
The Washington-based lender said in a report on Tuesday it expected 2022 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 5.0% percent, lower than its 5.4% forecast in October.
China’s economy is expected to grow 5.0% this year, down from a previous estimate of 5.4%, it said.
Reporting by Karen Lema; Editing by Ed Davies
