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Economy

Pandemic to cut Asian growth to 2.2%, worst since 1998 crisis: ADB

Thailand, Hong Kong and seven other economies to shrink, China to slow sharply

Tourist and school buses are seen at a parking lot near Kwai Chung Container Terminal in Hong Kong, April 1: The novel coronavirus outbreak has devastated the territory's tourism industry.   © Reuters

MANILA -- Emerging Asian economies are expected to grow at their slowest pace this year in 22 years, due to the coronavirus pandemic that has shut down business activity in large swathes of the world, the Asian Development Bank said in a report on Friday.

The ADB also warned of financial crises and estimated that the outbreak will likely knock $2.0 trillion to $4.1 trillion, or 2.3%-4.8%, off the world's gross domestic product in 2020.

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