In a worst-case scenario, China could see growth of less than three per cent, while Japan, Australia and Hong Kong could"flirt with recession", it said in a report.
S&P said it expected the region to grow 4.0 per cent this year as supply and demand shocks blow a $211 billion hole in the economy. That compares with a 4.8 per cent estimate given in December and would be the worst performance since a contraction in 2008 caused by the global financial crisis. The report said economies were suffering from the double-whammy of weak demand as consumers stay home for fear of catching the disease, and falling supplies as industries are rocked by shutdowns.
However, it added that in the worst case, which"assumes localised reinfections as people return to work and the re-imposition of some restrictions on activity" growth could crash to just 2.9 per cent.The city, along with Singapore, Thailand, and Vietnam would be the hardest hit, with tourism -- which has been battered globally -- accounting for around 10 per cent of growth on average.