Asia development prospects report 2022 From Asian Development Bank

The following is the Asia development prospects report 2022 From Asian Development Bank recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, research report.

The Asian Development Bank released “Asian Development Prospects in 2022”. In early 2022, the highly infectious Omicron variant contributed to the pandemic. Following the emergence of Omicron at the end of 2021, there has been a surge in new infections in developing countries in Asia and around the world. The daily number of new cases in the region rose sharply from 46000 at the end of December to 448000 in January, decreased to 274000 in February, and then soared again to more than 600000 in early March. Although the vaccination gap still exists, the coverage rate of developing countries in Asia has caught up with that of developed economies. As of March 9, 66.6% of the population in the region had been fully vaccinated, compared with 65.2% in the United States and 72.6% in the European Union.

Omicron has a slight impact on health, coupled with enhanced immunity, so that Asian developing countries will remain relatively open in early 2022. Therefore, in the Omicron wave, the performance of regional economies is better than the previous new crown outbreak. Although the growth rate of some economies was slightly lower than that in the fourth quarter of last year, the manufacturing and service industries continued to expand in January and February.

Economic growth in developing Asian economies rebounded by 6.9% in 2021, but most of the recovery in the region is still largely incomplete. Supported by rising commodity prices, the expansion of the Caucasus and Central Asia has reduced the gross domestic product (GDP) by 4% compared with that before the pandemic. In South Asia, despite the strong growth brought about by the surge in Indian consumption and investment, the gap remained at about 8%. The gap between Southeast Asia and the Pacific is 10 per cent and 12 per cent respectively. Recovery in these subregions has been delayed by strict controls on domestic activities and international travel, which has particularly hampered economies that rely on tourism. East Asia bucked the trend because of strong external demand; Its gap is only 1 per cent lower than the pre pandemic trend.

Remittance remains flexible; Tourism shows signs of initial recovery. In the third quarter of last year, remittances continued to remain flexible, 7% higher than the same period in 2019.

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