Manila, 23 September 2021 (TDI): Chief Economist of the Asian Development Bank has shared that Asia’s economic recovery is in crisis because of COVID-19 variants, new local outbursts, restored restrictions, and last but not least the low number of vaccinated people.
The chief economist tweets a new report published by the Asian Development Bank which says “the development of Asia remained vulnerable because of the surging COVID-19 cases”. However, according to the report, there is a need for new policy measures that focus on containment and vaccination. The new measures also focus on the process of reorienting sectors in the economy to adapt this ‘new normal’ to restore their economy.
According to the Asian Development Outlook (ADO) 2021, ADB forecasts growth of 7.1% this year. The growth is raised to 5.4% from 5.3% but the new variants, lockdown restrictions, and uneven vaccination weigh down the forecasts of the region. However, the recovery path within the region remains uneven because COVID-19 cases in developing Asia have risen as the growth of East Asia has been raised in April, from 7.4% to 7.6%.
On the other hand, the forecast of South Asia and the Pacific has decreased as the number of new variant cases surged. The growth of South Asia was 4.4% and 5.1% in April but it has been decreased to 3.1% and 5.0%. The Asian Development Bank is concerned about the extreme poverty issues and claims to be committed to obtaining a flourishing, flexible, and sustainable Asia with these efforts.
