US rating agency Moody’s Investors Service has published its assessment of the Asia-Pacific region’s economy amid the ongoing coronavirus crisis.
The strong recovery in the Asia-Pacific region hides deep economic scars.
Economic activity in the Asia-Pacific region is likely to recover strongly in 2021 and 2022 compared to recent developments.
Total production in the Asia-Pacific region is likely to lag previous forecasts for the pandemic until 2023 as the pandemic has left deep economic scars.
The Asia-Pacific region is likely to grow faster than the Middle East, North Africa and Latin America in 2021-22, but development will increasingly diverge within the region.
About 30% of Asia Pacific economies will see production fall 2% to 8% below projected pre-pandemic GDP levels by 2023.
More than 40% of Asia Pacific economies will face production losses of more than 8% of projected pre-pandemic GDP levels by 2023.
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