News Snapshot:
DPA Manila Asia and the Pacific’s economy was expected to contract less severely this year as China recovers faster than expected from the effects of the coronavirus pandemic, the Asian Development Bank (ADB) said Thursday. Developing Asia’s aggregate gross domestic product was forecast to contract by 0.4 per cent this year, an improvement from the previous estimate of negative 0.7 per cent, according to an update on the Manila-based bank’s annual Asian Development Outlook. The region’s economic growth was expected to pick up and expand by 6.8 per cent in 2021, the update added. “The outlook for developing Asia is...
