Business

ADB: Developing Asia economies will shrink in 2020

Sep 15, 2020

Manila (Philippines), September 15: The Asian Development Bank says developing Asia will see the first economic contraction in nearly six decades in 2020 due to the coronavirus pandemic.
ADB economists say the developing economies in the Asia-Pacific region will contract by 0.7 percent.
Developed countries such as Japan and Australia are excluded.
The contraction would be the first since 1961, when growth was down 8 percent.
The outlook contrasts with a 5.1-percent expansion last year.
India's economy is expected to shrink 9 percent, as the coronavirus infection continues to spread.
Southeast Asia is forecast to fall 3.8 percent, largely due to a battered tourism industry.
But China is expected to buck the trend. The country should expand 1.8 percent this year, as economic activities get back on track.
The ADB is predicting strong growth for the region next year. The rate is forecast at 6.8 percent, although the bank warns that a prolonged pandemic remains "the biggest downside risk."
Source: NHK World