World Bank cuts East Asia’s 2022 GDP forecast on Ukraine war By Reuters

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© Reuters. FILE PHOTO: People cross a street during morning rush hour in front of the skyline of the central business district (CBD) in Beijing, China December 15, 2020. REUTERS/Thomas Peter

MANILA (Reuters) – The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine.

The Washington-based lender said in a report on Tuesday it expected 2022 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 5.0% percent, lower than its 5.4% forecast in October.

China’s economy is expected to grow 5.0% this year, down from a previous estimate of 5.4%, it said.

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