Coronavirus vaccines, global export demand lifts Asia economic growth forecast but recovery still ‘patchy’
- The Asian Development Bank (ADB) predicts growth of 7.3 per cent in developing Asia this year, compared with its previous forecast of 6.8 per cent growth in December
- China and India are expected to lead the rebound across the vast region stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, the lender said on Wednesday
China and India are expected to lead the rebound across the vast region stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, the lender said on Wednesday.
The Philippines-based ADB predicted growth of 7.3 per cent, compared with its previous forecast in December of 6.8 per cent and a contraction of 0.2 per cent in 2020 – but said the recovery would be “patchy”.
Tourist-dependent economies in the Pacific and elsewhere face a slow road back. Conversely, a handful of economies in the region that have contained domestic outbreaks and are benefiting from the recovery in global demand will continue to show resilience and expand
“Some economies continue to struggle to contain the virus and its new variants,” the ADB said in its flagship “Asian Development Outlook”.
“Tourist-dependent economies in the Pacific and elsewhere face a slow road back. Conversely, a handful of economies in the region that have contained domestic outbreaks and are benefiting from the recovery in global demand will continue to show resilience and expand.”
The ADB warned that delayed vaccine roll-outs could also prolong economic disruptions in the region where “progress varies considerably” in getting jabs into arms.
By the end of March, developing Asia had administered 5.2 doses per 100 people, led by China, India, Indonesia and Bangladesh, the ADB said.