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Alice Woodhouse

According to the Asian Development Bank, developing economies in Asia will contract at a slower rate than expected this year due to improved prospects for India and China.
The AfDB predicts that developing Asian economies are expected to contract 0.4 percent in 2020, an improvement over the bank’s September forecast of a 0.7 percent year-on-year decline.
Its Asian Development Outlook report predicts that the Chinese economy will recover at a faster rate than expected. China’s economy is expected to grow 2.1% in 2020, up from the previous estimate of 1.8% on recoveries in both manufacturing and services.
India’s outlook has improved after strict lockdowns were relaxed. “With the pandemic possibly peaking in mid-September, many high-frequency indicators are better than a year ago or are returning to pre-Covid levels, indicating an acceleration in economic normalization,” AfDB said .
He predicts India’s economy will contract by 8% in 2020, down from the previous estimate of a 9% drop.
The bank left its growth forecast for 2021 at 6.8% for developing Asia.

Taiwan’s economy is among those that have shown strength

Recovery from the pandemic varies across the region, the AfDB said, as parts of Southeast Asia struggle to contain the virus, limiting economic activity.
Containment measures are less stringent in parts of East Asia and the Pacific which have succeeded in limiting the spread of the virus.
East Asia is expected to grow between 1.3 and 1.6 percent in 2020, the only sub-region expected to grow, thanks to the strength of China, South Korea and Taiwan.
The region’s exports rebounded to similar levels recorded last year, AfDB said. Shipments of medical supplies, electronics and household items offset lower demand for other items caused by a second wave of infections in the United States and Europe.
Tourism, a mainstay of many countries in the region, remains “appalling” with travel restrictions in place to stem the spread of the coronavirus.
Tourist arrivals are down 88-100% in Asia.

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