The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank has said in an economic update.

According to Reuters, the bank said the region this year is projected to grow by only 0.9 per cent, the lowest rate since 1967.

Growth in China was expected to come in at 2pc this year, boosted by government spending, strong exports and a low rate of new coronavirus infections since March, but held back by slow domestic consumption.

The rest of the East Asia and Pacific region was projected to see a 3.5pc contraction, the World Bank said.