Economic activity in developing Asia is forecast to contract by 0.4% this year, before picking up to 6.8% in 2021 as the region moves toward recovery from the effects of the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB) today.
Projected 2020 growth in East Asia is upgraded from 1.3% to 1.6%. Growth in 2021 is still forecast at 7.0%. The earlier South Asia forecast of 6.8% contraction in 2020 is upgraded to 6.1%, and growth of 7.2% is expected in 2021. In Southeast Asia, contraction of 4.4% is now expected in 2020 (previously 3.8%), and growth in 2021 is anticipated at 5.2% instead of 5.5%. Central Asia is still projected to contract by 2.1% this year, and the Pacific economies by 6.1%.
