In its East Asia and Pacific Fall 2021 Economic Update, World Bank said economic activity in the region began to slow down in Q2 undermined by the spread of the COVID-19 Delta variant, and growth forecasts have been downgraded for most countries in the region. While China’s economy is projected to expand by 8.5%, the rest of the region is forecast to grow at 2.5%, nearly 2 percentage points less than forecast in April. World Bank viewed that, while most firms have faced difficulty, larger firms are likely to see smaller decline in sales and more likely to adopt sophisticated technologies and receive government support.

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