GDP of ‘developing Asia’ set to contract for the first time in nearly six decades, ADB says
A man eats a takeaway meal on a chair placed outside a restaurant in the Kowloon-side Sham Shui Po district of Hong Kong in the early morning of July 29, 2020, as new social distancing measures come into effect which include restaurants only being allowed to serve takeaway meals, to combat a new wave of coronavirus infections.
Anthony Wallace | AFP | Getty Images
SINGAPORE — Developing Asia, which includes countries like China, India, Indonesia and Singapore, will contract this year for the first time in about six decades as the coronavirus pandemic continues to hammer economies worldwide, the Asian Development Bank said.
In its updated outlook report, ADB said GDP in developing Asia will contract 0.7% this year. The bank also said three-fourths of the region’s economies are set to shrink in 2020, downgrading its GDP forecasts for those countries.
The pandemic, which …continued .
[Source: CNBC News]