Asian Development Bank Lowers Asia’s Economic Growth Forecast as COVID-19 Pandemic Continues

[snoop1130]

 

BANGKOK (NNT) - The Asian Development Bank (ADB) has revealed that Asia’s economic growth this year will be slightly lower than previously projected, citing the resurgence of COVID-19 infections.

 

The ADB said recovery is underway in the bank’s 46 members, including China and India, but growth was revised down to 7.2%, from 7.3% projected in its Asian Development Outlook (ADO) report released in April.

 

ADB Chief Economist Yasuyuki Sawada said Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants and an uneven vaccine rollout.

 

In Southeast Asia, the ADB revised 2021 growth forecasts to 4.1% from 4.5% for Indonesia; 2.0% from 3.0% for Thailand; 5.5% from 6.0% for Malaysia; and 5.8% from 6.7% for Vietnam.

 

For 2022, the ADB maintained its growth forecasts for most Southeast Asian economies: 5.0% for Indonesia, 5.7% for Malaysia, 5.5% for the Philippines, 4.1% for Singapore, and 7.0% for Vietnam. But it raised the growth projection for Thailand to 4.9% for next year from 4.5%.

 

-- © Copyright NNT 2021-07-21

 

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[Gottfrid]

So, what´s new! The rest of the world has known this long time. Nice to hear the facts starts to stick.

[AnotherFarang8]

58 minutes ago, Gottfrid said:

So, what´s new! The rest of the world has known this long time. Nice to hear the facts starts to stick.

Not really. The rest of the world has been equally unaware to a large extent and large share of people are still unaware that lockdowns cause economic suffering. To this day there are people calling for more lockdowns, more misery. They are likely on fixed income and don’t need to survive each day. There are very few examples of countries that haven’t gone full retard.

 

The irony is these people on fixed income will suffer consequences of their selfishness and lack of compassion for poor people as well. The only way governments know to get out of any mess is by printing money inflating away currency. Fixed income will be able to afford less much sooner than if there had been no lockdowns. That’s your modern economics 101 in a nutshell.

Edited July 21, 2021 by AnotherFarang8

[Gottfrid]

15 minutes ago, AnotherFarang8 said:

Not really. The rest of the world has been equally unaware to a large extent and large share of people are still unaware that lockdowns cause economic suffering. To this day there are people calling for more lockdowns, more misery. They are likely on fixed income and don’t need to survive each day. There are very few examples of countries that haven’t gone full retard.

Ok, let me rephrase. The rest of the intelligent world.

[Oww]

"In Southeast Asia, the ADB revised 2021 growth forecasts to 4.1% from 4.5% for Indonesia; 2.0% from 3.0% for Thailand; 5.5% from 6.0% for Malaysia; and 5.8% from 6.7% for Vietnam." 

-Notice that Thailand was estimated to be lowest of that group even WITHOUT a Covid effect! 

 

[Cake Monster]

Thailand Economy was starting to derail in Q4 of 2019

Exports were down some 20 % and FDI was down 15 %

Both gained a little ground in Q1 of 2020, but then of course Covid knocked on the Door.

The rest is History as they say.