Connect with us


Asia’s economy will shrink for the first time since the 1960s, says ADB



President Mitsui Fudosan Masanobu Komoda's press conference and tour of newly constructed office buildings

Photo: Kiyoshi Ota / Bloomberg

The development of Asia’s coronavirus-hit economy will shrink for the first time since the early 1960s, with output next year still seen below pre-pandemic forecasts even as growth recovers, according toAsian Development Bank.

The region’s gross domestic product will fall by 0.7% in 2020, below the June forecast of a 0.1% increase, the Manila-based bank said in a report on Tuesday. A contraction this year would be the first since 1962, Yasuyuki Sawada, ADB’s chief economist, told a live broadcast.

“The economic threat posed by the Covid-19 pandemic remains strong, as the first prolonged waves or repeated outbreaks could prompt further containment measures,” Sawada said. The downturns across developing Asia are more prevalent than previous crises, with three-quarters of the economies in the left region shrinking this year, he said.

The most horrible turn

Asia’s development to look worse 2020 than previous estimates, says ADB

Source: Asian Development Bank, September 2020 update

China will accept the trend and is projected to expand 1.8% this year – unchanged from the June forecast – as successful public health measures provide a springboard for growth, according to the ADB. Growth is projected to accelerate to 7.7% in 2021, from a previous forecast of 7.4%.

In India, where blockchain has blocked private spending, GDP will shrink by 9% this year, well below the June forecast of -4%, the ADB said. There were also large reductions for the Philippines and Thailand, which are now projected to contract 7.3% and 8% respectively.

Growth in developing Asia – a region that excludes advanced nations such as Japan, Australia and New Zealand – will return to 6.8% in 2021, in part because it will be measured against a weak 2020 year, Sawada said. This will leave next year’s GDP level below pre-coronavirus forecasts, implying that the recovery is only “partial” and “incomplete”.

Virus content “seems to translate into growth performance,” and a prolonged pandemic remains the biggest risk of weakening this and next year, he said.

Uneven rebound

Pandemic growth shocks, 2021 recoveries vary across region, says ADB

Source: Asian Development Bank, September 2020 update

U.S.-China trade tensions and technology conflicts and financial weaknesses amid the pandemic are also affecting growth, Sawada said.

Policies focused on protecting lives and livelihoods and ensuring a safe return to work and business resumption are essential to ensure a sustainable recovery for the region, he said.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]

Please disable the ad-blocker on this page to see the content