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The developing East Asia and Pacific countries is projected to grow by 5 per cent in 2022 amid the resurgence of Covid-19 pandemic, tighter financial conditions and the Russia-Ukraine war, the World Bank said.
"Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress, and dampening global growth,"Xinhua news agency quoted the global lender as saying in its newly released East Asia and Pacific Economic Update.
"Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum," said World Bank Vice President for East Asia and Pacific Manuela V. Ferro.
