IMF revises Asia growth forecast to 6.5% amid Covid-19 resurgence

THE INTERNATIONAL Monetary Fund (IMF) on Tuesday revised down its 2021 economic growth forecast for Asia to 6.5 percent, down by 1.1 percentage points from its April projection, according to a newly released regional economic outlook. “The resurgence of the pandemic, amid initially low vaccination rates, slowed the recovery in the Asia-Pacific region, especially in emerging market and developing economies,” Changyong Rhee, director of the IMF’s Asia and Pacific Department, said at a virtual press conference. Noting that the Asia-Pacific remains the fastest-growing region in the world, Rhee said as vaccination rates accelerate, the region is expected to grow by…