KUALA LUMPUR, June 18 — The Asian Development Bank (ADB) has revised downward its growth forecast for Asia region to 0.1 per cent in 2020 from 2.2 per cent projected earlier in April In a statement today, it said the forecast, which will be the slowest growth for the region since 1961, was...
ADB chief economist Yasuyuki Sawada said economies in Asia and the Pacific will continue to feel the blow of the Covid-19 pandemic this year even as lockdowns are slowly easing and select economic activities restart in a ‘new normal’ scenario. — Reuters pic
In a statement today, it said the forecast, which will be the slowest growth for the region since 1961, was contained in the bank’s new set of forecasts, a regular supplement to its annual flagship economic publication, theThe bank has lowered its forecast for 2020 as containment measures to address the Covid-19 pandemic has hampered economic activity and weakened external demand.
“Excluding the newly industrialised economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China, developing Asia is forecast to grow 0.4 per cent this year and 6.6 per cent in 2021,” it said. “While we see a higher growth outlook for the region in 2021, this is mainly due to weak numbers this year, and this will not be a V-shaped recovery. Governments should undertake policy measures to reduce the negative impact of Covid-19 and ensure that no further waves of outbreaks occur,” he added.
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