Asia's GDP in 2020 will fall sharper than expected, declining to 2.2 percent due to the lackluster economic recovery in India and Malaysia, the International Monetary Fund (IMF) said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 21st October, 2020) Asia's GDP in 2020 will fall sharper than expected, declining to 2.2 percent due to the lackluster economic recovery in India and Malaysia, the International Monetary Fund (IMF) said on Wednesday.
"While Asia is beginning to emerge from its worst-ever recession, regional growth has been further downgraded to ��2.2 percent in 2020, 0.6 percentage point lower than in June. This reflects a sharper contraction, notably in India, the Philippines, and Malaysia," the IMF said in a Regional Economic Outlook for Asia and the Pacific.
The forecast for Asia's economic growth in 2021 has been upgraded by 0.3 percentage points and is expected to inch up to 6.9 percent, the IMF added, noting that "it nevertheless implies a further drop in the level of output in 2021 than envisaged earlier."
China is one of the few Asia countries with positive GDP forecast this year, with GDP growth expected at 1.9 percent, increasing to 8.2 percent in 2021, according to the report.
