Monday 28 September 2020 ,
Latest News
Sylhet MC College rape: 2 accused on 5-day remand | Dhaka-18, Siranjganj-1 by-polls on Nov 12 | Bangladeshis capable of overcoming all hurdles: PM | Arms case: Regent chairman Shahed sentenced to life imprisonment |
15 September, 2020 02:10:02 PM

Print

Asia sees first regional recession in 60 years

BBC, London
Asia sees first regional recession in 60 years
Customers walk past vegetable stalls at the Masomba traditional market in Palu, Central Sulawesi, Indonesia. Photo: Collected

The Asian Development Bank (ADB) says the Covid-19 pandemic has pulled the region's developing economies into recession.

It is the first time in six decades that "developing Asia" - a designation that includes 45 countries - has seen a regional slump.

The ADB says developing Asia's economy will shrink by 0.7% in 2020.

But the region is expected to rebound strongly in 2021, growing by 6.8% next year.

The bank's Asian Development Outlook Update shows about three-quarters of the region's economies are forecast to slump this year.

It revises down its earlier projection of a paltry 0.1% growth in the region's gross domestic product (GDP) for 2020.

"Most economies in the Asia and Pacific region can expect difficult growth path for the rest of 2020," ADB chief economist Yasuyuki Sawada said in a statement.

South Asia is likely to be the worst affected, while China is bucking the trend.

India's economy is expected to contract 9% this year, while China's growth is forecast at 1.8 percent.

Southeast Asia is likely to see a drop of 3.8%.

Tourism-dependent island economies, in particular, have seen wrenching economic contractions.

Fiji's economy is expected to shrink by 19.5%, while the Maldives is likely to see a 20.5% contraction.

The good news is that the region is expected to recover next year, with a growth of 6.8%.

China's economy is expected to rebound by 7.7% in 2021, while India will also bounce back with an 8% growth next year, the ADB says.

But the bank warns that a recovery could be derailed by a prolonged pandemic and tougher containment measures.

"The economic threat posed by the Covid-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures," Mr. Sawada said.

TH

.

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 47.3%
No 48.7%
No Comment 4.1%
Video

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting