The Corona Will Destroy the Economy situation of about 10 million people in East Asia and the Pacific and they will go below the poverty line.
World Bank Report
The World Bank has expressed this apprehension in its report released on Monday. The bank had previously expected that in the year 2020, at least 350 million people in East Asia and the Pacific will recover from poverty.
Countries in East Asia are China, Japan, North Korea, South Korea, Mongolia. Pacific countries include Australia, New Zealand, Papua New Guinea, Kiribati, Maldives, Fiji.
Corona Will Destroy the Economy
The World Bank estimated that about 250 million people in it would be from China only. But the report released on Monday said that it is not possible to do that in the economic disasters in the whole world due to Corona.
Please tell that more than eight lakh people have been infected with the corona. So far 8,02,369 people have come in the grip of this disease. Apart from this, 38,990 people have died. On the other hand, 1,72,319 people have been treated.
The growth rate estimated by the World Bank is more worrying. It has said that the rate of economic growth in the countries of East Asia and the Pacific will fall 2.1 percent below its original base, overall the growth rate will be less than zero percent. Earlier in 2019, the growth rate in these areas was estimated at 5.8 percent.
China, the world’s second-largest economy, cannot escape this. The World Bank estimates that the country which was on the path of development at the fastest speed, there will be a growth rate of 2.3 percent.Corona Will Destroy the Economy.
China’s growth rate was estimated at 6.1 percent a year ago.
Poverty will increase
The bank has said in the report that only people will be able to get above the poverty line due to Corona. It has been said that as many as 2.40 crore fewer people would be able to cross the poverty line than the people who were expected to get out of the poverty line.
Let us know that the poverty line has been considered as income of $ 5.5 per day in World Bank standards. That is, people whose daily income is less than $ 5.50 are poor. Victoria Quacqua, Head and Vice President, World Bank East Asia and Pacific Affairs, said:
“Countries in the region also have many advantages, but these countries will have to take quick steps and work fast.”
The World Bank, while suggesting remedial measures to these countries, has said that there will be an immediate investment in health services. Apart from this, these countries will have to make big investments for a long time.