Asia's Developing Economies Projected to Contract by -0.7% in 2020, Lowest Since the 1960s
- A Small
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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."
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