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.
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