Asia's Developing Economies Projected to Contract by -0.7% in 2020, Lowest Since the 1960s
- A Small Font
- A Medium Font
- A Bigger Font
The Asian Development Bank (ADB), in its September 2020 Developing Asia's Outlook report, projected economic growth in developing Asian economies at -0.7% in 2020. This contraction is the first since the 1960s, or the last six decades. However, next year, economic growth is projected to surge to a positive 6.8%.
Meanwhile, excluding newly industrialized economies (NIEs) – namely Hong Kong, South Korea, Singapore, and Taipei – economic growth in developing Asian economies is estimated at -0.5% this year. In 2021, growth is projected to be a positive 7.2%.
The ADB stated that Asia's economic growth will recover with an L-shaped or "swoosh" (Nike logo) curve, not a V-shaped curve. A "swoosh" curve recovery means that after the economic downturn, it will take a long time to return to pre-pandemic conditions. An L-shaped curve indicates that when the economy falls, recovery is slow and may not bounce back to its previous level.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
Related Data
Latest Data Stories
Trending Topics
Popular Data