Asia-Pacific economic growth slows sharply + 2.2%
The Asian Development Bank forecasts that economic growth in Asia Pacific excluding Japan and other regions will slow down significantly from last year to just 2.2% due to the spread of the new coronavirus infection.
The Asian Development Bank on Tuesday announced the latest economic outlook for the Asia-Pacific region, excluding some developed countries such as Japan and Australia.
It predicts that overall economic growth in the region will slow significantly, to only 2.2%, three points lower than last year's 5.2%.
As for the reason, he pointed out that the spread of the new coronavirus has seriously affected trade and tourism, and has put the economy at risk of downturn. By country and region, China is expected to slow significantly by 2.3 points, or 2.3%, from last year.
Southeast Asia is expected to remain 3.4% lower than last year at 1%, and Thailand, which is highly dependent on exports and tourism, will be down at 4.8%, down from 2.4% last year.
The Asian Development Bank forecasts that the overall economic growth rate in the region will recover to 6.2% next year due to the slowdown in the coming years, but if the spread of the new coronavirus is prolonged, the economy will be affected by financial instability and other factors. It is said that there is a possibility of downside.