World Bank Lowers East Asia Economic Growth Forecast Excluding China

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Buaeri] The World Bank has downgraded its economic growth forecast for East Asia and Pacific countries excluding China this year, citing the COVID-19 Delta variant as the cause.

In a report released on the 27th (local time), the World Bank projected the average economic growth rate for East Asia and Pacific countries this year at 7.5%.

China's economic growth forecast was 8.5%, higher than the 8.1% forecast in April this year.

Myanmar, where the military took control in a coup on February 1 this year, is projected to have an economic growth rate of -18%.

Vietnam is forecasted at 4.8%, Thailand at 1.0%, and the Philippines at 4.3%.

The World Bank stated, "While advanced economies are on the path to recovery, East Asia and the Pacific are being hit by the COVID-19 Delta variant," adding, "COVID-19 may lower growth rates and deepen inequality."