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Coronavirus will take a bite out of growth: World Bank

AFP
Filed on February 5, 2020 | Last updated on February 5, 2020 at 10.45 pm
Coronavirus, growth, World Bank, China, David Malpass,
World Bank President David Malpass.- Reuters

The World Bank last month forecast a rebound in global growth this year after the easing of trade tensions between the US and China.

The World Bank will revise its global growth forecast downwards due to the new coronavirus, the president of the multilateral lender said amid fears the epidemic in China will harm global supply chains.

The World Bank last month forecast a rebound in global growth this year after the easing of trade tensions between the US and China that had contributed to a decline in 2019.

But World Bank president David Malpass warned the virus that has killed hundreds in China and shuttered businesses and borders posed a threat to the prediction. "There will be a lowering of forecasts for at least the first part of 2020, in part due to the China, in part due to the supply chains," Malpass said.

"A lot of Chinese goods come out to the rest of the world in the belly of aircraft that are carrying passengers," he said.

But as airlines worldwide have suspended flights to and from China and some of its neighbours have shut their borders "you need to adjust the supply chains in order to get the goods out to make the products that the whole world economy is operating on", he said. The World Bank economic outlook predicted the world economy would grow by 2.5 per cent this year from 2.4 per cent last year.



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