The World Bank has slashed its economic outlook for the Asia-Pacific, pointing to China’s ultra-strict zero-COVID policy as a drag on regional growth.
The region’s economies are expected to grow 3.2 per cent in 2022, down from a 5 per cent forecast in April, as China’s lockdowns continue to disrupt factories and dampen spending, the Washington-based financial institution said on Tuesday.
China, the world’s second-largest economy, is projected to grow 2.8 per cent this year, according to the bank, and 4.5 per cent in 2023.