“People across Thailand, not just the young, recognize the argument of reforming the monarchy,” said Netiwit Chotiphatphaisal, who was elected president of the Student Union at Chulalongkorn University in Bangkok. “It’s not marginal, it’s mainstream.”

Mr. Netiwit lost his position in February after the school administration determined that he was connected to an event involving activists who have called for monarchical reform.

Some Thais are more enthusiastic about the government espousing the longer name.

On a recent morning, Vichian Bunthawi, 88, a retired palace guard, sat cross-legged on a bench at the sleepy railway station in Bangkok Noi. The capital should be known around the world as Krung Thep Maha Nakhon, he said, remembering how his primary schoolteacher would write the full name on the chalkboard.

“Krung Thep Maha Nakhon is the name of the capital,” he said. “It is where the king lives.”

The first king of the Chakri Dynasty, Rama I, moved the capital in 1782, from the left bank of the Chao Phraya River, where the Bangkok Noi district is, to the east bank. On marshy ground, he and his successors built gilded, jeweled palaces. The full name of Krung Thep Maha Nakhon includes a paean to “an enormous royal palace resembling the heavenly abode in which the reincarnated god reigns.” In Thai tradition, the king is semi-divine.

In 1932, absolute monarchy was abolished, but the royal family still retains an enormous presence in Thai life. Giant posters of King Maha Vajiralongkorn Bodindradebayavarangkun and Queen Suthida Vajiralongkorn Na Ayudhya, the current king’s fourth wife, tower over public places.

The king, whose lavish lifestyle contrasts with the austerity forced upon many Thais by the pandemic, spends most of his time in Germany.

Whether as Krung Thep Maha Nakhon or Bangkok, the character of the capital has changed drastically over the decades. City planners filled in the canals that used to be the city’s transportation arteries. Rice paddies gave way to malls and condominiums.

In a back alley behind a Buddhist temple in Bangkok Noi, Chana Ratsami still plays a Thai xylophone. His wife’s family of palace attendants lived in Bangkok Noi for generations.

Now, he said, the lane’s residents are mostly migrants from upcountry.

“They don’t know the history of this place,” he said, describing how the traffic-choked road at the end of the lane used to be a canal with boats floating past, filled with flowers and fruit. “I miss the old city, no matter what it’s called.”

Muktita Suhartono contributed reporting.

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PropertyGuru Successfully Completes Business Combination With Bridgetown 2 Holdings

SINGAPORE & HONG KONG–(BUSINESS WIRE)–PropertyGuru Pte. Ltd. (“PropertyGuru” or “the Company”), Southeast Asia’s leading1 property technology (“PropTech”) company, today completed its previously announced business combination with Bridgetown 2 Holdings Limited (“Bridgetown 2”) (NASDAQ: BTNB), a special purpose acquisition company formed by Pacific Century Group (“Pacific Century”) and Thiel Capital LLC (“Thiel Capital”). The business combination was approved by Bridgetown 2 stockholders in an Extraordinary General Meeting of Company Shareholders held on March 15, 2022.

PropertyGuru Group Limited’s (“PubCo”) ordinary shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on March 18, 2022 under the ticker symbol “PGRU”.

“We are thrilled to have successfully completed our business combination with Bridgetown 2, which provides additional capital to pursue organic and strategic growth, and will accelerate our ability to access capital markets in pursuit of delivering world-class solutions for our customers,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “Over the past 15 years PropertyGuru has helped shape the PropTech industry in Southeast Asia and introduced many first solutions for property seekers, agents, and developers that enabled digitalization of the property industry. As evidenced by the 23% increase in our 2021 revenue – we are entering our next post-Covid phase of growth with significant momentum.

“As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand.1 Southeast Asia’s real estate market is beginning to recover from the pandemic and as the region’s increasingly affluent and digitally enabled population moves to urban centers, PropertyGuru is well-positioned to benefit from these long-term trends.”

Southeast Asia is estimated to be the world’s fourth largest economy by 20302, driven by favourable long-term macroeconomic dynamics, creating significant opportunities for PropertyGuru – which has an addressable market of US$8.1 billion according to Frost & Sullivan. Through its continued investments, the Company is positioned to stay ahead of the evolving market demand and extend its leadership position as the region’s property markets recover from the pandemic.

“PropertyGuru is digitally transforming a traditional real estate market in Southeast Asia to create a trusted and transparent online property marketplace,” said Matt Danzeisen, Chairman, Bridgetown 2. “We believe PropertyGuru is just scratching the surface in the world’s most dynamic and fastest growing region, and we are excited to partner with Hari and his talented team to create lasting value for our shareholders, employees, customers and partners.”

Transaction Details

The completion of the business combination values PropertyGuru at an enterprise value of ~US$1.36 billion and an equity value of ~US$1.61 billion.

PropertyGuru received ~US$254 million in gross proceeds through the contribution of US$122 million of cash held in Bridgetown 2’s trust account, a concurrent US$100 million private placement (“PIPE”) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at US$10.00 per share. REA Group also invested an additional US$32 million. In addition, KKR, TPG Group and REA Group rolled 100% of their equity into PropertyGuru, demonstrating their continued commitment to the Company’s growth strategy.

Advisors

Merrill Lynch (Singapore) Pte. Ltd. served as exclusive financial advisor to PropertyGuru. Latham & Watkins LLP and Allen & Gledhill LLP served as legal advisors to PropertyGuru.

Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC served as placement agents to Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP served as legal advisors to Bridgetown 2.

Ringing the Bell at the NYSE

On March 18, PropertyGuru’s Chief Executive Officer and Managing Director Hari V. Krishnan will ring the NYSE opening bell at 9:30 a.m. Eastern Time (9:30 p.m. Singapore Time). He will be joined on stage by PropertyGuru’s Leadership team, Founders, Board and Bridgetown 2’s Chairman and CEO. The bell-ringing ceremony will be livestreamed to its gala listing event in Singapore and available on NYSE’s website here: https://www.nyse.com/bell.

PropertyGuru will commemorate its listing by opening the doors to the Company’s five Southeast Asian markets through live-stream door installations between New York and its home markets, that will be set up at the NYSE’s Experience Square. The event will take place at 10:15a.m. Eastern Time.

About PropertyGuru Group

PropertyGuru Group is Southeast Asia’s leading property technology company1, and the preferred destination for over 50 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, PropertyGuru FastKey (https://www.propertygurugroup.com/fastkey/); mortgage marketplace PropertyGuru Finance (https://www.propertyguru.com.sg/mortgage/home-loan); and a host of other property offerings including Awards (https://www.asiapropertyawards.com/en/), events and publications across Asia.

For more information, please visit: https://www.propertygurugroup.com/; https://www.linkedin.com/company/propertyguru/

Key Performance Metrics

Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the average amount of time spent on that website for the same period, in each case based on data from SimilarWeb.

Number of real estate listings is calculated as the number of listings created during the month for Vietnam and total listings at the end of the previous month for other markets.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to PropertyGuru’s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements, including statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position and technological and market trends, reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of PropertyGuru to grow and manage growth profitably and retain its key employees including its chief executive officer and executive team; failure to realize the anticipated benefits of PropertyGuru’s completed business combination; risk relating to the uncertainty of the projected financial information with respect to PropertyGuru; PropertyGuru’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; the Group’s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform, the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to produce accurate forecasts of its operating and financial results; the Group’s ability to attract traffic to its websites; the Group’s ability to assess property values accurately; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’s ability to grow and protect its brand and the Group’s reputation, the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the completed business combination and technological advancements in the Group’s industry, as well as and other risk factors set forth in the section titled “Risk Factors” in our Prospectus filed with the Securities and Exchange Commission on February 15, 2022, and other documents filed with or furnished to the SEC.

The forward-looking statements contained in this document are subject to a number of factors, risks and uncertainties, some of which are not currently known to PropertyGuru or Bridgetown 2. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of PubCo’s registration statement on Form F-4, the proxy statement/ prospectus therein, Bridgetown 2’s Quarterly Report on Form 10-Q and other documents filed by PubCo or Bridgetown 2 from time to time with the U.S. Securities and Exchange Commission.

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither Bridgetown 2 nor PropertyGuru presently know, or that Bridgetown 2 or PropertyGuru currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect Bridgetown 2’s and PropertyGuru’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or Bridgetown 2’s or PropertyGuru’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements speak only as of the date they are made. Bridgetown 2 and PropertyGuru anticipate that subsequent events and developments may cause their assessments to change. However, while PubCo, Bridgetown 2 and PropertyGuru may elect to update these forward-looking statements at some point in the future, PubCo, Bridgetown 2 and PropertyGuru specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by PropertyGuru nor Bridgetown 2 or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing Bridgetown 2’s or PropertyGuru’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of PropertyGuru and Bridgetown 2 contained herein are not, and do not purport to be, appraisals of the securities, assets or business of PropertyGuru, Bridgetown 2 or any other entity.

Industry and Market Data

This document contains information, estimates and other statistical data derived from third party sources and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru, PubCo and Bridgetown 2 have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.

____________________

1 In terms of Engagement Market Share based on SimilarWeb data.

2 According to the Singapore Business Review, ASEAN to become world’s fourth largest economy for 2030: Singapore PM Lee, August 2018

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In Myanmar, a Notable Burmese Family Quietly Equipped a Brutal Military

The family’s initial fortune came from jute, a natural fiber that is used to make rope and twine. The jute mill was nationalized during the military’s disastrous venture into socialism, after its first coup in 1962.

Burma, once lauded for its fine schools and polyglot cosmopolitanism, sank into penury. The ruling junta renamed the country Myanmar.

Mr. Jonathan Kyaw Thaung’s father was sent to Northern Ireland, where he escaped Myanmar’s privations. His siblings scattered to Thailand, Singapore, the United States and Britain. The family’s graceful villa in Yangon moldered, as did the rest of the country.

But even as many of them headed abroad, the family remained connected to Myanmar and traveled there to do business. Their path back was eased by the extended family tree, which included high-ranking Tatmadaw officers, cabinet ministers and confidants of junta chiefs.

A cousin married U Zeyar Aung, an urbane, English-speaking general who led the Northern Command and the 88th Light Infantry Division, both of which the United Nations has tied to decades of war crimes against Myanmar’s own people. He later was the railway minister, then the energy minister and subsequently led the national investment commission, over the time the Kyaw Thaungs were vying for military contracts.

Myanmar’s patronage networks are a tangle of roots that bind family trees. Generals’ children tend to marry within tight circles, perhaps to other military progeny or the offspring of business cronies.

As the Tatmadaw began loosening control over the economy, engaging in a fire sale of assets that had once been the military’s fief, that elite class of the well-connected swooped in to profit. Mr. Jonathan Kyaw Thaung, whose mother is Irish, returned to Myanmar, along with siblings and cousins who had also been raised overseas.

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Myanmar Court Sentences Aung San Suu Kyi to 4 Years in Initial Verdicts

ImageA protester holding a poster with an image of the detained civilian leader Daw Aung San Suu Kyi in Yangon, Myanmar, in March.
Credit…Agence France-Presse — Getty Images

A court in Myanmar on Monday sentenced Daw Aung San Suu Kyi, the country’s ousted civilian leader, to four years on charges of inciting public unrest and breaching Covid-19 protocols. She is facing a series of rulings that could keep her locked up for the rest of her life.

Ms. Aung San Suu Kyi, who was detained in a military coup in February, had been facing a maximum imprisonment of 102 years on a total of 11 charges.

Her trials, which the United Nations and foreign governments have described as politically motivated, have been held in closed-door hearings in Naypyidaw, Myanmar’s capital. The junta has barred all five of her lawyers from speaking to the news media, saying that their communications could “destabilize the country.”

“This ridiculous ruling is a travesty of justice,” Charles Santiago, a Malaysian legislator and chairman of the ASEAN Parliamentarians for Human Rights, said in a statement.

Mr. Santiago said the sentencing was further evidence that the Association of Southeast Asian Nations “must hold the line against this illegal takeover” by the junta.

Prosecutors have continued to slap more charges on Ms. Aung San Suu Kyi as her case proceeded. The verdicts rendered on Monday are the first of several that are expected to be announced in the coming months.

The charge of breaching Covid-19 protocols stems from an episode during the 2020 election campaign in which Ms. Aung San Suu Kyi stood outside, in a face mask and face shield, and waved to supporters passing by in vehicles.

Ms. Aung San Suu Kyi, 76, is a flawed hero for a troubled nation.

She is held up as an almost godlike figure among her supporters in Myanmar, who describe her as a defender of the country’s democracy — a struggle for which she won a Nobel Peace Prize. But her reputation on the international stage was tarnished over her complicity in the military’s mass atrocities against the Rohingya, a Muslim minority group.

The guilty verdict is likely to galvanize a protest movement that has spurred thousands of people to take up arms against the army since February, when the generals seized power.

On Sunday morning, a military truck plowed into a group of protesters who were carrying banners bearing her portrait and quotations of hers on the streets of Yangon, Myanmar’s most populous city, causing fatalities. At night, protesters continued to demonstrate in the streets, and residents banged pots and pans to register their anger.

Credit…Agence France-Presse — Getty Images

In the months since the coup, people have gathered in the streets, doctors and nurses have stopped work in protest, and many have refused to pay taxes in a campaign known as the Civil Disobedience Movement.

Despite the threat of arrest, there is still widespread support for the movement. A growing number of soldiers are defecting, teaming up with armed protesters and insurgent groups to launch hit-and-run attacks against the military.

The junta has responded by cracking down — it has killed more than 1,300 people and arrested more than 10,600 others, according to the Assistance Association for Political Prisoners (Burma), a rights organization based in Thailand.

For many of her supporters, Ms. Aung San Suu Kyi was seen as the only politician who could lead Myanmar toward full democracy.

After a previous coup, in 1962, the military ruled the country for half a century. When Ms. Aung San Suu Kyi was elected in 2015, she was forced to share power with the army, which appointed 25 percent of Parliament. In November 2020, she led her party to a landslide election victory, trouncing the military-backed opposition party.

She has not been seen in public or been able to speak to anyone aside from her lawyers since she was detained on Feb. 1. Just hours before she and her colleagues from the National League of Democracy Party were to take their seats in Parliament, military officers detained them, accusing them of voter fraud. Ms. Aung San Suu Kyi has denied the charge.

Rights activists have condemned the charge of incitement, saying that it is used to intimidate critics of the military. It carries a maximum sentence of three years and states that anyone who “publishes or circulates any statement, rumor or report” with “intent to cause, or which is likely to cause, fear or alarm to the public” could be found liable.

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As World Shuts Borders to Stop Omicron, Japan Offers a Cautionary Tale

TOKYO — With the emergence of the new Omicron variant of the coronavirus late last week, countries across the globe rushed to close their borders to travelers from southern Africa, even in the absence of scientific information about whether such measures were necessary or likely to be effective in stopping the virus’s spread.

Japan has gone further than most other countries so far, announcing on Monday that the world’s third-largest economy would be closed off to travelers from everywhere.

It is a familiar tactic for Japan. The country has barred tourists since early in the pandemic, even as most of the rest of the world started to travel again. And it had only tentatively opened this month to business travelers and students, despite recording the highest vaccination rate among the world’s large wealthy democracies and after seeing its coronavirus caseloads plunge by 99 percent since August.

Now, as the doors slam shut again, Japan provides a sobering case study of the human and economic cost of those closed borders. Over the many months that Japan has been isolated, thousands of life plans have been suspended, leaving couples, students, academic researchers and workers in limbo.

United States, Britain and most of Europe reopened over the summer and autumn to vaccinated travelers, Japan and other countries in the Asia-Pacific region opened their borders only a crack, even after achieving some of the world’s highest vaccination rates. Now, with the emergence of the Omicron variant, Japan, along with Australia, Thailand, Sri Lanka, Singapore, Indonesia and South Korea, are quickly battening down again.

outbreak of the Delta variant.

Japan is recording only about 150 coronavirus cases a day, and before the emergence of the Omicron variant, business leaders had been calling for a more aggressive reopening.

“At the beginning of the pandemic, Japan did what most countries around the world did — we thought we needed proper border controls,” Yoshihisa Masaki, director of communications at Keidanren, Japan’s largest business lobbying group, said in an interview earlier this month.

But as cases diminished, he said, the continuation of firm border restrictions threatened to stymie economic progress. “It will be like Japan being left behind in the Edo Period,” Mr. Masaki said, referring to Japan’s isolationist era between the 17th and mid-19th centuries.

Thailand had recently reopened to tourists from 63 countries, and Cambodia had just started to welcome vaccinated visitors with minimal restrictions. Other countries, like Malaysia, Vietnam and Indonesia, were allowing tourists from certain countries to arrive in restricted areas.

Wealthier Asian countries like Japan resisted the pressure to reopen. With the exception of its decision to hold the Summer Olympics, Japan has been cautious throughout the pandemic. It was early to shut its borders and close schools. It rolled out its vaccination campaign only after conducting its own clinical trials. And dining and drinking hours remained restricted in many prefectures until September.

Foreign companies could not bring in executives or other employees to replace those who were moving back home or to another international posting, said Michael Mroczek, a lawyer in Tokyo who is president of the European Business Council.

In a statement on Monday, the council said business travelers or new employees should be allowed to enter provided they follow strict testing and quarantine measures.

“Trust should be put in Japan’s success on the vaccination front,” the council said. “And Japan and its people are now firmly in a position to reap the economic rewards.”

Business leaders said they wanted science to guide future decisions. “Those of us who live and work in Japan appreciate that the government’s policies so far have substantially limited the impact of the pandemic here,” said Christopher LaFleur, former American ambassador to Malaysia and special adviser to the American Chamber of Commerce in Japan.

But, he said, “I think we really need to look to the science over the coming days” to see whether a complete border shutdown is justified.

Students, too, have been thrown into uncertainty. An estimated 140,000 or more have been accepted to universities or language schools in Japan and have been waiting months to enter the country to begin their courses of study.

Carla Dittmer, 19, had hoped to move from Hanstedt, a town south of Hamburg, Germany, to Japan over the summer to study Japanese. Instead, she has been waking up every morning at 1 to join an online language class in Tokyo.

“I do feel anxious and, frankly speaking, desperate sometimes, because I have no idea when I would be able to enter Japan and if I will be able to keep up with my studies,” Ms. Dittmer said. “I can understand the need of caution, but I hope that Japan will solve that matter with immigration precautions such as tests and quarantine rather than its walls-up policy.”

The border closures have economically flattened many regions and industries that rely on foreign tourism.

When Japan announced its reopening to business travelers and international students earlier this month, Tatsumasa Sakai, 70, the fifth-generation owner of a shop that sells ukiyo-e, or woodblock prints, in Asakusa, a popular tourist destination in Tokyo, hoped that the move was a first step toward further reopening.

“Since the case numbers were going down, I thought that we could have more tourists and Asakusa could inch toward coming back to life again,” he said. “I guess this time, the government is just taking precautionary measures, but it is still very disappointing.”

Mr. Dery and Ms. Hirose also face a long wait. Mr. Dery, who met Ms. Hirose when they were both working at an automotive parts maker, returned to Indonesia in April 2020 after his Japanese work visa expired. Three months before he departed, he proposed to Ms. Hirose during an outing to the DisneySea amusement park near Tokyo.

Ms. Hirose had booked a flight to Jakarta for that May so that the couple could marry, but by then, the borders were closed in Indonesia.

“Our marriage plan fell apart,” Mr. Dery, 26, said by telephone from Jakarta. “There’s no clarity on how long the pandemic would last.”

Just last week, Mr. Dery secured a passport and was hoping to fly to Japan in February or March.

Upon hearing of Japan’s renewed border closures, he said he was not surprised. “I was hopeful,” he said. “But suddenly the border is about to close again.”

“I don’t know what else to do,” he added. “This pandemic seems endless.”

Reporting was contributed by Hisako Ueno and Makiko Inoue in Tokyo; Dera Menra Sijabat in Jakarta, Indonesia; Richard C. Paddock in Bangkok; John Yoon in Seoul; Raymond Zhong in Taipei, Taiwan; and Yan Zhuang in Sydney, Australia.

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World’s Growth Cools and the Rich-Poor Divide Widens

As the world economy struggles to find its footing, the resurgence of the coronavirus and supply chain chokeholds threaten to hold back the global recovery’s momentum, a closely watched report warned on Tuesday.

The overall growth rate will remain near 6 percent this year, a historically high level after a recession, but the expansion reflects a vast divergence in the fortunes of rich and poor countries, the International Monetary Fund said in its latest World Economic Outlook report.

Worldwide poverty, hunger and unmanageable debt are all on the upswing. Employment has fallen, especially for women, reversing many of the gains they made in recent years.

Uneven access to vaccines and health care is at the heart of the economic disparities. While booster shots are becoming available in some wealthier nations, a staggering 96 percent of people in low-income countries are still unvaccinated.

restrictions and bottlenecks at key ports around the world have caused crippling supply shortages. A lack of workers in many industries is contributing to the clogs. The U.S. Labor Department reported Tuesday that a record 4.3 million workers quit their jobs in August — to take or seek new jobs, or to leave the work force.

Germany, manufacturing output has taken a hit because key commodities are hard to find. And lockdown measures over the summer have dampened growth in Japan.

Fear of rising inflation — even if likely to be temporary — is growing. Prices are climbing for food, medicine and oil as well as for cars and trucks. Inflation worries could also limit governments’ ability to stimulate the economy if a slowdown worsens. As it is, the unusual infusion of public support in the United States and Europe is winding down.

6 percent projected in July. For 2022, the estimate is 4.9 percent.

The key to understanding the global economy is that recoveries in different countries are out of sync, said Gregory Daco, chief U.S. economist at Oxford Economics. “Each and every economy is suffering or benefiting from its own idiosyncratic factors,” he said.

For countries like China, Vietnam and South Korea, whose economies have large manufacturing sectors, “inflation hits them where it hurts the most,” Mr. Daco said, raising costs of raw materials that reverberate through the production process.

The pandemic has underscored how economic success or failure in one country can ripple throughout the world. Floods in Shanxi, China’s mining region, and monsoons in India’s coal-producing states contribute to rising energy prices. A Covid outbreak in Ho Chi Minh City that shuts factories means shop owners in Hoboken won’t have shoes and sweaters to sell.

worldwide surge in energy prices threatens to impose more hardship as it hampers the recovery. This week, oil prices hit a seven-year high in the United States. With winter approaching, Europeans are worried that heating costs will soar when temperatures drop. In other spots, the shortages have cut even deeper, causing blackouts in some places that paralyzed transport, closed factories and threatened food supplies.

China, electricity is being rationed in many provinces and many companies are operating at less than half of their capacity, contributing to an already significant slowdown in growth. India’s coal reserves have dropped to dangerously low levels.

And over the weekend, Lebanon’s six million residents were left without any power for more than 24 hours after fuel shortages shut down the nation’s power plants. The outage is just the latest in a series of disasters there. Its economic and financial crisis has been one of the world’s worst in 150 years.

Oil producers in the Middle East and elsewhere are lately benefiting from the jump in prices. But many nations in the region and North Africa are still trying to resuscitate their pandemic-battered economies. According to newly updated reports from the World Bank, 13 of the 16 countries in that region will have lower standards of living this year than they did before the pandemic, in large part because of “underfinanced, imbalanced and ill-prepared health systems.”

Other countries were so overburdened by debt even before the pandemic that governments were forced to limit spending on health care to repay foreign lenders.

In Latin America and the Caribbean, there are fears of a second lost decade of growth like the one experienced after 2010. In South Africa, over one-third of the population is out of work.

And in East Asia and the Pacific, a World Bank update warned that “Covid-19 threatens to create a combination of slow growth and increasing inequality for the first time this century.” Businesses in Indonesia, Mongolia and the Philippines lost on average 40 percent or more of their typical monthly sales. Thailand and many Pacific island economies are expected to have less output in 2023 than they did before the pandemic.

debt ceiling — can further set back the recovery, the I.M.F. warned.

But the biggest risk is the emergence of a more infectious and deadlier coronavirus variant.

Ms. Gopinath at the I.M.F. urged vaccine manufacturers to support the expansion of vaccine production in developing countries.

Earlier this year, the I.M.F. approved $650 billion worth of emergency currency reserves that have been distributed to countries around the world. In this latest report, it again called on wealthy countries to help ensure that these funds are used to benefit poor countries that have been struggling the most with the fallout of the virus.

“We’re witnessing what I call tragic reversals in development across many dimensions,” said David Malpass, the president of the World Bank. “Progress in reducing extreme poverty has been set back by years — for some, by a decade.”

Ben Casselman contributed reporting.

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