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East Asia and Pacific Region: COVID-19 and the Economy
December 19, 2020COVID-19
SEATTLE, Washington The World Bank has declared that the East Asia and Pacific Region (EAP) is experiencing a “triple shock” due to the pandemic, the economic impact of containment and the global recession. This trifecta could cause poverty to rise in the region for the first time in 20 years. It is threatening to create a new kind of poor due to the unprecedented challenges posed by the coronavirus pandemic. This year, nearly 40 million people in the region can expect to remain in or fall back into poverty.
Containment efforts have halted productivity and sales and closed down businesses, leading to a deep recession. At this rate, the entire EAP is expected to grow no more than 0.9% by the end of the year, the lowest rate since 1967. The region’s economic crisis is compounded since it cannot rely on other countries for tourism and trade during this time due to the global recession.