China News Agency, Washington, October 21 (Reporter Sha Hanting) The International Monetary Fund (IMF) released the "Asia-Pacific Economic Outlook" report on the 21st local time that the Asia-Pacific economy has begun to recover from the recession caused by the epidemic. But the speed of recovery varies among economies.
According to the report, the economy of the Asia-Pacific region has begun to recover in the third quarter of this year, but the recovery speed is different due to the different conditions of the economies in the region.
The IMF predicts that the Asia-Pacific economy may shrink by 2.2% in 2020.
Among them, advanced economies shrank by 4%, and emerging markets and developing economies shrank by 1.6%.
Due to the strong economic recovery in the second quarter, China is expected to grow by 1.9% for the whole year. China will be the only major economy to achieve positive growth this year.
The IMF predicts that the Asia-Pacific economy will achieve 6.9% growth in 2021.
Among them, developed economies grew by 2.8%, Australia, Japan, and South Korea grew by 3%, 2.3%, and 2.9% respectively.
Emerging markets and developing economies grew by 8%, while China and India grew by 8.2% and 8.8% respectively.
But even so, economic output by the end of 2021 will still be lower than the forecast before the outbreak.
The report also said that the Asia-Pacific region first experienced the new crown epidemic crisis, and many economies also took the lead in recovering from the crisis. The successful experience of these countries is worth learning from the world.
First, take public health response measures as soon as possible when the infection rate is low to flatten the epidemic curve.
Second, the prevention and control measures can be relaxed only when the epidemic is under control and the corresponding policies (such as testing and contact tracing) continue to be adopted after unblocking.
Third, many countries in the Asia-Pacific have implemented large-scale economic stimulus measures, which are crucial to reducing economic costs and achieving recovery.