World Bank cuts Asia growth outlook, calls for virus action

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BEIJING (AP) — The World Bank has cut its economic growth forecast for developing countries in East Asia due to the impact of the coronavirus’s delta variant. In a report Tuesday, it called on governments to help the poor and small businesses avoid long-term damage. The Washington-based lender said excluding China’s unexpectedly strong growth, developing economies in East Asia should expand by 2.5% this year, down from a forecast of 4.4% in April. It said China, the region’s biggest economy, should expand by 8.5%. The bank said business activity in Vietnam, Thailand, the Philippines and other economies was improving but now is “showing signs of slowing down.”

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