A man eats a meal in a chair set outside a restaurant in Kowloon District in Hong Kong’s Sham Shui Po district on the early morning of July 29, 2020, as new social distancing measures involving restaurants are allowed to take effect. just to serve ready meals, to fight a new wave of coronavirus infections.
Anthony Wallace | AFP | Getty Images
SINGAPORE Emerging Asia, which includes countries such as China, India, Indonesia and Singapore, will contract this year for the first time in nearly six decades as the coronavirus pandemic continues to hit economies around the world, the Asian Development Bank said.
In its updated opinion report, ADB said GDP in emerging Asia will contract 0.7% this year. The bank also said three-quarters of the region’s economies will shrink in 2020, lowering its GDP forecasts for those countries.
The pandemic, which has now infected more than 29 million people worldwide, slowed domestic consumption, affected external demand and hit exports, Yasuyuki Sawada, ADB chief economist, told Street Signs Asia on Tuesday. CNBC.
“Moreover, travel bans really undermine the free flow of people, as well as the trade of goods and services,” he said.
In an effort to slow the spread of the virus, some countries have closed borders to non-residents while most have implemented varying degrees of social restraint, including periods of total blockades in countries like India.
South and Southeast Asia
Southeast Asia was previously expected to grow 1% for the year, but is now projected to contract 3.8%, with Thailand, the Philippines and Singapore each experiencing a decline of more than 6%, the ADB said. The Philippines and Indonesia have reported the highest number of infections among Southeast Asian countries.
China, where the coronavirus outbreak was first reported in late December, is the only country expected to record positive growth, albeit well below the levels reported by the world’s second-largest economy in recent years. China is set to record a 1.8% expansion in 2020, down from an earlier forecast of 2.3%, as its economy is slowly getting back on track, according to the report.
Infection levels in the country appear to be under control. This is in contrast to the rapid outbreak in India, which is now the epicenter of the pandemic in Asia with more than 4.8 million cases reported.
India is projected to record a 9% decline for the 2020 calendar year, the ADB said. This was revised from a previous 4% growth forecast. India’s fiscal year runs from April 1 to March 31 of the following year. In the three months between April and June, India’s economy shrank to its steepest pace of 23.9% following a national stalemate between April and May.
Growth is likely to recover in 2021 with emerging Asia expected to record a 6.8% expansion. India is set to grow 8% for the next calendar year, according to the report.
“Our basic assumption is basically Covid-19 can be controlled within this year, towards the end of this year. Once it contains the health risks, we can predict a strong setback,” Sawada told CNBC. He explained that governments in developing Asia and the Pacific have already announced support measures amounting to more than $ 3 trillion, with about 15% of GDP. Many of those countries still have room for further enlargement or accommodation policies, he said.
“I think it is very, very important to keep families, especially poor families and vulnerable groups, as well as micro and small enterprises to keep and keep alive, so that after controlling the health crisis, they can to recover strongly, “Sawada said, adding that” the large-scale package helped stabilize financial markets. “
A large part of the amount came from governments in East Asia, especially China, ADB data showed.
But the bank warned in its report that a prolonged wave of Covid-19 infections could stifle recovery and further disrupt demand and supply as worsening geopolitical tensions, particularly between the US and China, remain a risk.
Prolonged weakness could trigger crises in some economies, the ADB 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
to request, modification Contact us at Here or [email protected]