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The Asian Development Bank says the coronavirus crisis will significantly slash growth this year for emerging and developing economies in Asia-Pacific.
The ADB projects 2.2 percent growth for the region excluding developed economies such as Japan and Australia. That’s down 3 percentage points from last year. The bank cites the growing impact of the pandemic on tourism and trade.
China’s economy is forecast to expand 2.3 percent, down 3.8 points. Southeast Asia is expected to grow just 1 percent. That’s 3.4 points lower than last year.
The ADB says Thailand is especially hit hard as tourism and exports are pillars of the economy.
The bank cut its outlook to a contraction of 4.8 percent. The country grew 2.4 percent last year.
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