The Philippine economy is forecast to contract by 7.3 per cent in 2020 amid the Covid-19 pandemic before growth returns to 6.5 per cent in 2021, reported Xinhua news agency based on a new report from the Asian Development Bank (ADB) released on Tuesday. The Asian development forecast for a fall in GDP is nearly identical to the estimates of several other rating agencies, which have forecast a decline in the country's economy.
The contraction in the Gross Domestic Product is the result of lack of economic activity due to a lockdown imposed to curb the spread of the coronavirus. Vietnam has monetary stability and free trade.
The ADB said the South Korean economy "is now projected to contract in 2020 but grow strongly in 2021 as the world economy recovers".
However India, which has the greatest variety of coronavirus cases after the United States and where lockdown steps have actually depressed financial output, is anticipated to shrink by 9 percent this year.
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The country's infection levels appear to be under control. By contrast, the outbreak in India has intensified since April, spreading fast from cities to rural areas.
The report sharply raises projections for Georgia's current account deficit in 2020 and 2021 to 11% and 8%, respectively, following a near-doubling of the deficit in the first quarter of this year as a 29.8% decline in receipts from tourism cut exports of services by 15.6%. The ADB's previous forecast in June had reckoned on 0.1% growth. "Global trade was down by close to 20 percent year-on-year in April and May".
In June, it estimated economies would expand 0.1 percent.
About three-quarters of the region's economies are expected to post negative growth in 2020.
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"Our basic assumption is that Covid-19 can be controlled during this year, near the end of this year". "Having said that, our baseline assumption is that health risks will be basically contained within this year".
Developing Asia excludes advanced nations like Japan. He said that many of those countries still have room for more expansionary or accommodative policy.
These efforts will promote foreign investment, incentivize global supply chains to reallocate to India, and create manufacturing hubs across the country, ADB said adding that the financial support to low-income groups and small businesses can also help revive the economy in a more inclusive way.
Finance Minister Hong Nam-ki holding a video conference with Asian Development Bank President Masatsugu Asakawa on Monday in Seoul.
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While the pandemic remains the biggest downside risk to the region's outlook, Sawada said in a separate media briefing "worsening geopolitical tensions" that include the trade and tech war between US and Beijing, could also dent growth.