Asia staring at its worst slump in 60 years

By Siegfrid Alegado and Michelle Jamrisko
Developing Asia’s coronavirus-battered economy will shrink for the first time since the early 1960s, with the level of output next year still seen below pre-pandemic projections even as growth recovers, according to the Asian Development Bank.

The region’s gross domestic product will decline by 0.7% in 2020, down from June’s projection of an increase of 0.1%, the Manila-based bank said in a report Tuesday. A contraction this year would be the first since 1962, Yasuyuki Sawada, the ADB’s chief economist, said in a live-streamed briefing.

“The economic threat posed by the Covid-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures,” Sawada said. Downturns across developing Asia are more widespread than previous crises, with three-quarters of economies in the region tipped to shrink this year, he said.

China will buck the trend and is forecast to expand 1.8% this year -- unchanged from June’s projection -- as successful public health measures provide a springboard for growth, according to the ADB. Growth is forecast to accelerate to 7.7% in 2021, up from a previous forecast of 7.4%.

bloomsBloomberg

In India, where lockdowns have stalled private spending, GDP will shrink by 9% this year, sharply down from June’s forecast of -4%, the ADB said. There were also big downgrades for the Philippines and Thailand, which are now projected to contract 7.3% and 8% respectively.

The downgrades took into account that the pandemic has been “more serious” than initially anticipated, Sawada said in an interview Tuesday with Bloomberg TV’s Haslinda Amin and Yvonne Man. “Having said that, our baseline assumption is that health risks will be basically contained within this year.”

“Large-scale” fiscal stimulus has helped cushion the blow and provides a base for a rebound, Sawada said.

Growth in Developing Asia -- a region that excludes advanced nations like Japan, Australia and New Zealand -- will rebound to 6.8% in 2021, in part because it will be measured against a weak 2020, Sawada said. That will still leave next year’s level of GDP below pre-coronavirus projections, implying that the recovery is only “partial” and “not full.”

Virus containment “seems to be translated into growth performance,” and a prolonged pandemic remains the biggest downside risk this year and the next, he said. U.S.-China trade tensions and technology conflicts and financial vulnerabilities amid the pandemic also weigh on growth, Sawada said.

Policies focused on protecting lives and livelihoods, and ensuring a safe return to work and restart of businesses, are crucial to ensuring a sustained recovery for the region, he said.

Asia staring at its worst slump in 60 years

Arunoday Singh's wife Lee Elton demands cancellation of the divorce decree, moves the high court | Hindi Movie News - Bollywood - Times of India

Press CTRL+C to copy

Select a City

Close
search
Powered by Delhi Times, Aurangabad Times, Maharashtra Times
+
more
  • Nashik Times
  • Aurangabad Times
  • Badlapur Times

You can change your city from here.
We serve personalized stories based on the selected city

OK
facebook
Share FacebookTwitterInstagramEmbed

Arunoday Singh's wife Lee Elton demands cancellation of the divorce decree, moves the high court

Updated : Sep 15, 2020, 21:15 IST1901 views

'Jism 2' actor Arunoday Singh last year in May made an announcement that he is mutually parting ways with his Canadian wife, Lee Elton. Now, latest reports suggest that Lee has challenged the divorce granted by the family court in Jabalpur High Court. Furthermore, she has demanded the cancellation of the decree of divorce as the actor was granted a divorce after a unilateral hearing on December 18, 2019. As per the reports, the next hearing will be held on October 6. Meanwhile, the duo got married after dating each other for two-and-a-half-year.

Read More
Arunoday Singh's wife Lee Elton demands cancellation of the divorce decree, moves the high courtNow
Playing00:48Arunoday Singh's wife Lee Elton demands cancellation of the divorce decree, moves the high court
Manjinder Singh Sirsa files a complaint against Karan Johar, meets Narcotics Control Bureau Chief Rakesh AsthanaNow
Playing00:47Manjinder Singh Sirsa files a complaint against Karan Johar, meets Nar...
Showbiz round-up with Delhi TimesNow
Playing00:26Showbiz round-up with Delhi Times
Anushka Sharma flaunts her baby bump in new postNow
Playing01:26Anushka Sharma flaunts her baby bump in new post
Nawazuddin Siddiqui's estranged wife Aaliya records statement on her complaint with UP Police, reasserts her chargesNow
Playing00:58Nawazuddin Siddiqui's estranged wife Aaliya records statement on her c...
Blackbuck poaching case: Salman Khan ordered by Jodhpur court to appear on 28th SeptemberNow
Playing03:11Blackbuck poaching case: Salman Khan ordered by Jodhpur court to appea...
Kangana Ranaut seeks Rs 2 crore from BMC for damaging her property; Sri Reddy talks about drug abuse in South Indian film industry, and more...Now
Playing01:43Kangana Ranaut seeks Rs 2 crore from BMC for damaging her property; Sr...
Sushant Singh Rajput drug case: Home Ministry confirms Bollywood and drug mafia link in Parliament, say reportsNow
Playing01:00Sushant Singh Rajput drug case: Home Ministry confirms Bollywood and d...
Sushant Singh Rajput case: CBI might summon Disha Salian’s fiance Rohan RaiNow
Playing01:21Sushant Singh Rajput case: CBI might summon Disha Salian’s fiance Roha...
Kangana Ranaut's war of words with Nikhil DwivediNow
Playing01:09Kangana Ranaut's war of words with Nikhil Dwivedi