Developing Asia's economy will get a big shock, economy will decline for the first time in 60 years

Developing Asia's economy will get a big shock, economy will decline for the first time in 60 years

Manila The Asian Development Bank (ADB) has said that Asia 's developing economies will be hit by a recession in 2020 . The ADB released an update of its estimates on Tuesday, saying that this would be the first time in 60 years that the economies of developing Asia would decline. The ADB scenario update states that the regional economy will decline by 0.7 percent this year, i.e. in 2020. However, in 2021 the sector will register a growth of 6.8 percent. The ADB said that if the corona virus situation worsens, the economy's deterioration of the region could be even greater. The ADB has lowered growth forecasts for many of the region's economies, such as Philippine and Indonesia. These countries have increased cases of corona virus infection.

The report said that the epidemic had started in China, but it has recovered. The ADB forecasts that China's economy will register a growth of 1.8 percent this year. At the same time, in 2021, China's growth rate will be 7.7 percent. China's growth rate was 6.1 percent in 2019. This was the slowest growth in decades. The report says that Asia has suffered the brunt of the epidemic because of its identity as a production hub. Asia is considered a major hub for medical devices, digital devices and optical devices. The report states that overall this will be the biggest decline in the region since the early 1960s. ADB Chief Economist Yasuyuki Sawada said, "This is a big setback for our efforts to lift millions of people from our region out of poverty."