Which Growth Regions in Asia Bounce Back Strongest?
Bangkok, May 2021: Most emerging nations in Southeast Asia has taken a major hit. Growth regions suffered from low economics during the coronavirus pandemic.
The Asian Development Bank released an economic outlook expecting that all countries supposed to bounce back this year, however, most of these countries are still facing the challenges from the pandemic. The so-called V-Shape theory seems to be stronger for some than for others.
Thailand, The Philippines and Malaysia are in the Top 3 within growth regions for GDP losses and for different reasons. Malaysia and The Philippines excessed spikes in the number of cases and that pressured the country’s economy.
Thailand, until recently, kept infections very low, but face challenges currently with the number of infections growing. As Thailand heavily depends for its GDP on tourism, the country faces some major challenges.
Vietnam, China and Taiwan were among the low-infection numbered countries through 2020 and have not faced a negative growth of GDP.
Countries within growth regions with the highest debt rate (Thailand, Malaysia and Vietnam) face higher losses. Vietnam profited initially from decreasing Chinese exports in 2020, according to the Asian Development Bank. Vietnam’s manufacturing sector win over China in certain market segments even before the pandemic hit as China’s economy is transitioning to a higher value-added model.
The Hit that the Coronavirus Had on Asian Economies
Overall, emerging economies in Asia shrunk 0,2 per cent in 2020. The report concluded that a strong bounce-back of economies in the region is expected with a growth of 7,3% in 2021, compared to 5 per cent in 2019.
B-Concept Media Entertainment Group is an Asian-focused Award-Winning Event, Media and Ticketing Company, since 2005 and is part of the US-based Lifetime Group Inc.
The company provides turn-key solutions for brands, hotels and businesses while reaching out to and engaging with consumers through loyalty programs, media and events.
Creating Content, Partnerships, Platforms and Stakeholder Value across online and in-person channels is in our DNA. B-Concept manages dedicated teams for businesses with a strong focus on branding, marketing and communications who wish to move away from insourcing business models.
For more information about this press release, contact firstname.lastname@example.org.
B-Concept Media Entertainment Group Co., Ltd.
9/F AIA Sathorn Tower
11/1 South Sathorn Road, Yannawa, Sathon
Bangkok 10120, THAILAND
T: +(66) 2-055 8709