Southeast Asia economies will recover ‘much slower’ due to Covid: ADB


Source: singaporenewslive.com singaporenewslive.com

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SINGAPORE — Southeast Asian economies will recover at “a much slower pace” than previously thought due to recurring waves of Covid-19, the Asian Development Bank said Wednesday. The bank lowered its growth forecast for the region to 3.1% for 2021, from its previous forecast of 4.4%. ADB downgraded economic growth projections for all Southeast Asian economies — except Singapore and the Philippines. In 2022, ADB expects Southeast Asia to grow by 5%, slightly lower than its previous forecast of 5%. “This subregion’s recovery continues to be curtailed by recurring spikes of COVID-19 cases, resulting in the reimposition of stringent containment...