Asian Development Outlook 2020 Supplement: Paths Diverge in Recovery from the Pandemic
Published 09 March 2021 | 1 minute read
The report shares updated economic forecasts for Asia and the Pacific and outlines diverging projections for the region.
According to the report, the overall forecast for Developing Asia (46 ADB member economies across Asia and the Pacific) is a contraction of 0.4% in 2020, less than the 0.7% envisaged in September. Growth will rebound to 6.8% in 2021, but output will remain below what was envisioned before the pandemic.
Projected 2020 growth in East Asia is upgraded from 1.3% to 1.6%. Growth in 2021 is still forecast at 7.0%. The earlier South Asia forecast of 6.8% contraction in 2020 is upgraded to 6.1%, and growth of 7.2% is expected in 2021. In Southeast Asia, contraction of 4.4% is now expected in 2020 (previously 3.8%), and growth in 2021 is anticipated at 5.2% instead of 5.5%. Central Asia is still projected to contract by 2.1% this year, and the Pacific economies by 6.1%.
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