Asia GDP expected to decline for first time in 60 years

Asia's economy will plunge by 0.7 per cent this year and economies in the Asia-Pacific region will experience difficulties

                                

Developing countries in Asia have entered recession for the first time in 60 years due to the coronavirus pandemic, the Asian Development Bank (ADB) stated.

The ADB says developing Asia's economy, which consists of 45 countries in the Asia-Pacific region, will plunge by 0.7 per cent this year.

However, the region is expected to grow by 6.8 per cent – but will still not reach levels seen before the pandemic.

Most economies in the Asia-Pacific region will experience difficulties, the ADB said, with South Asia most likely to be the worst affected.

India's economy is expected to contract 9 per cent this year, but will see a growth of eight per cent next year.

At the same tine, China's growth is forecast at 1.8 per cent, with a rebound of 7.7 per cent next year. 

South-east Asia is likely to see a fall of 3.8 per cent, whilst islands depending on tourism will also see significant declines.

Fiji's economy is expected to shrink by 19.5 per cent, while the Maldives is likely to see a 20.5 per cent decline.

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