Connect with us

Asia

World Bank projects developing East Asia Pacific to grow 5

Published

on

Nigeria, not a fragile state — World Bank

The developing East Asia and Pacific countries is projected to grow by five per cent in 2022 amid resurgence of COVID-19 pandemic, tighter financial conditions and the Russia-Ukraine war.

The World Bank disclosed this in a new release for East Asia and Pacific Economic Update.

“Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress and dampening global growth.

“Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum,” Manuela Ferro, World Bank Vice President for East Asia and Pacific said.

“The region’s largely strong fundamentals and sound policies should help it weather these storms.”

Surging U.S. inflation could provoke faster-than-anticipated financial tightening, perhaps timely in the United States but “too early” in many East Asia and Pacific countries where recovery is “incomplete,” according to the report.

The risk of capital outflows, which could put pressure on some countries’ currencies, could induce “premature” financial tightening.

The World Bank said overall economic growth in developing East Asia and Pacific countries is projected to grow to five per cent in 2022.

It added that if global conditions worsened and national policy responses were weak, growth in the region could slow to four per cent.

the punch newspaper today

Ummul Idris

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments
JoinOurWhatsAppChannel

Website Designed By DEBORIAN.COM, a Nigerian Web Designer and Web Developer -