Asia sees first regional recession in 60 years

Sun Online Desk

15th September, 2020 03:57:16 printer

Asia sees first regional recession in 60 years

The Asian Development Bank (ADB) says the Covid-19 pandemic has pulled the region's developing economies into recession.

It is the first time in six decades that "developing Asia" - a designation that includes 45 countries - has seen a regional slump.

The ADB says developing Asia's economy will shrink by 0.7% in 2020.

But the region is expected to rebound strongly in 2021, growing by 6.8% next year.

The bank's Asian Development Outlook Update shows about three-quarters of the region's economies are forecast to slump this year.

It revises down its earlier projection of a paltry 0.1% growth in the region's gross domestic product (GDP) for 2020, BBC reported.


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