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The World Bank said Monday that a variant of the COVID-19 Delta is curbing the recovery of East Asian Pacific (EAP) countries, causing recession and inequality in the long run.
World Bank says testing, tracking and quarantine among the general public is less effective against more infectious Delta variants and partially promotes blockades and restrictions to curb widespread outbreaks He said he was doing it. East Asia and Pacific Fall 2021 Economic Update Released on September 27th.
“The disease is damaging to the economy and is unlikely to disappear in the near future,” the report said. The findings show that the overall economic growth of the EAP region is projected to be 7.5%.
Cambodia, Malaysia and Mongolia are expected to reach pre-pandemic production by 2022. Still, according to documents, the Philippines, Thailand, and many Pacific Islands will remain at low levels in 2023.
He said China’s growth momentum has eased. According to official data released by Beijing, China’s factory output growth in August reached its lowest level in 13 months due to a surge in domestic delta variants and a global supply shortage.
As a result, local employment rates fell by about 2 percentage points between 2019 and 2020.
According to the report, an additional 8 million people will be suffering from poverty in 2023 in both Indonesia and the Philippines.
One of the hardest hit countries, Burma (also known as Myanmar), will face the greatest reduction in employment under military takeovers and civil disobedience.
“All households are suffering, but poor households are more likely to lose income, sell off their production assets, suffer from food insecurity and lose their children’s schooling,” it reads.
In Indonesia, Mongolia and the Philippines, companies lost at least 40% of their regular monthly sales and reduced employment on average, according to the World Bank, while micro enterprises suffered the most and provided advanced technology and government support. I couldn’t get it.
However, researchers have found that domestic economic activity has so far been less susceptible to infectious diseases.
In May 2020, with an infection rate of 1 in 1,000, industrial production will decrease by 5%. By June 2021, the impact was negligible.
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Rita Lee is a reporter for The Epoch Times, focusing on topics related to China. She started writing the Chinese version in 2018.
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