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World Bank says war shocks to drag on Asian economies

BANGKOK (AP) – Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank said in a report released yesterday.

The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for businesses.

Growth for the region is estimated at five per cent, down from the original forecast of 5.4 per cent. The “low case” scenario foresees growth dipping to four per cent, it said. The region saw a rebound to 7.2 per cent growth in 2021 after many economies experienced downturns with the onset of the pandemic.

More details on Wednesday’s Borneo Bulletin