World Bank warns of dire economic outlook for Asia as China falters
The World Bank has warned that Asia is facing one of the worst economic outlooks in half a century, as the region grapples with the impact of the COVID-19 pandemic. The World Bank predicts that Asia's economy will contract by 2.2% in 2020, marking the first regional recession in 60 years. The report highlights the severe disruptions to trade, tourism, and investment, as well as the challenges faced by countries with large informal sectors and limited social protection systems. The World Bank calls for policy measures to support the recovery and mitigate the long-term impact of the crisis.