War shocks to drag on Asian economies

Shrinking capacity: Shoppers visit a popular retail street in Beijing. Disruptions to supplies of commodities and higher prices are among the shocks from the war in Ukraine that will slow economies in Asia in the coming months, according to the World Bank. — AP

BANGKOK: Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released yesterday.

The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for businesses.