Southeast Asia is forecast to grow by 0.1% in 2020, compared to 2.2% initially forecast in April according to Asian Development Bank (ADB).
In the region, Myanmar is one of the few economies to post positive GDP growth with 1.8%, behind Vietnam’s GDP growth forecast of 4.1%.
In 2021, Myanmar is forecast to expand by 6%. Growth in the region in 2021 is expected to rise to 6.2pc, unchanged from the ADB's forecast in April but still below pre-crisis trends, the ADB said.
“Economies in Asia and the Pacific will continue to feel the blow of the COVID-19 pandemic this year even as lockdowns are slowly eased and select economic activities restart. Governments should undertake policy measures to reduce the negative impact of COVID-19 and ensure that no further waves of outbreaks occur,” said ADB Chief Economist Yasuyuki Sawada.
Source: Asian Development Bank, The Myanmar Times