Pandemic resurgence slows recovery in Asia: IMF's Asia-Pacific Regional Economic Outlook

In its recent Regional Economic Outlook (REO), the IMF notes that the pandemic has taken a turn for the worse in Asia since the spring, along with the region's growth outlook. The growth projection for the Asia and Pacific region is downgraded by more than 1 percent to 6.5 percent compared to the April 2021 forecasts–more than for any other region. The downgrade is mostly due to the fast spread of the delta variant amid initially low vaccination rates, which has tragically led to further devastating loss of lives, especially in the densely populated south and southeast Asia. Although demand…