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Developing Asia's economy to shrink for first time since 1962, says ADB Chief Economist

Bloomberg
Bloomberg9/15/2020 10:47 AM GMT+08  • 2 min read
Developing Asia's economy to shrink for first time since 1962, says ADB Chief Economist
The region’s gross domestic product will decline by 0.7% in 2020, down from June’s projection of an increase of 0.1%.
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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.

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