World Bank: Covid-19 and Ukraine conflict pose a 'serious risk' to Asian economies as it downgrades growth forecast
East Asia Pacific 2022 growth cut to 5.0 percent as the World Bank warns that the conflict in Ukraine is the"most serious risk" to the region.
The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia's conflict in Ukraine, warning the region could lose further momentum if conditions worsen. But growth could slow to 4.0 percent if conditions worsened and government policy responses were weaker, World Bank said.
The conflict between Russia and Ukraine, which Mattoo said was the "most serious risk" to the region's growth outlook, is leading to food and fuel price increases, financial volatility and reduced confidence all over the world.
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