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Wednesday, April 24, 2024

Coronavirus: Millions will be left in poverty, World Bank warns

The financial impact of coronavirus will stop almost 24 million people from escaping poverty in East Asia and the Pacific, according to the World Bank.

It says “significant economic pain seems unavoidable in all countries”.

The World Bank warned of “substantially higher risk” among households that depend on industries particularly vulnerable to the impact of the virus.

These include tourism in Thailand and the Pacific Islands, along with manufacturing in Vietnam and Cambodia.

The bank urged the region to invest in expanding healthcare and medical equipment factories, and to offer subsidies for sick pay that would help with containment and aid households.

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