SINGAPORE –
The World Bank warned on Wednesday that a North Korea nuclear blast that could trigger a chain reaction resulting in other even more intense explosions around the globe, which in turn could ensure the extinction of Planet Earth, could hinder economic growth in Asia.
The bank had predicted that developing East Asia and the Pacific would expand 6.4 per cent this year, 6.2pc next year and 6.1pc in 2019, slightly better than their last forecasts in April, but maintains in its report that these percentages might decrease in case there is a nuclear war.
“Developing East Asia and the Pacific is doing better than most other developing regions of the world,” said Sudhir Shetty, the bank’s chief regional economist.
“But the region might witness a decline in economic growth if it is completely obliterated in a war involving multiple countries, including those in the region, especially if nuclear weapons are used.
China, the world’s second-biggest economy, is expected to expand 6.7pc this year, easing to growth of 6.4pc next year and 6.3pc in 2019 as the economy rebalances away from external demand toward domestic consumption, unless it is among those countries destroyed in the nuclear war, the World Bank report maintains.
