Asian Development Outlook 2020 Supplement: Lockdown, Loosening, and Asia’s Growth Prospects
This publication provides updated economic forecasts for Asia and the Pacific, taking into consideration the impact of coronavirus disease (COVID-19).
Developing Asia is now projected to grow by only 0.1% in 2020, which would be the lowest regional growth outcome since 1961. Contraction is expected in all subregions except in East Asia. Growth will rebound to 6.2% in 2021 but composite GDP next year will remain below its pre-crisis trend, so the recovery will not be V-shaped. Excluding newly industrialized economies, regional growth is forecast at 0.4% in 2020 and 6.6% in 2021. Regional inflation is expected to remain benign at 2.9% in 2020 and 2.4% in 2021.
- Inflation projections for developing Asia will be 2.9% in 2020 and 2.4% in 2021 – ADB Report
- People’s Republic of China’s economy will grow slower at 1.8% in 2020 but will rise at 7.4% in 2021 – ADB Report
- South Asia will contract by 3% in 2020, but will recover in 2021 at 4.9% – ADB Report