What’s new: The Asian economy will grow by 6.5% this year after a recession caused by Covid-19 resulted in a 1.7% contraction in 2020, according to a report released by the Boao Forum for Asia.
Due to the impact of the pandemic, Asian economies shrank 1.7% last year, suffering falling prices, increased unemployment, reduced trade and cross-border investment and changes in commodity prices, according to the forum’s Asian Economic Outlook and Integration Process report.
However, the region’s economy will recover this year as large-scale Covid-19 vaccination programs have been carried out in major Asian economies, according to the report. The signing and implementation of the Regional Comprehensive Economic Partnership (RCEP), a 15-country trade pact in Asia including China and Japan, will bring new positivity to the region’s economy, the report added.
What’s more: The annual Boao Asia Forum, which kicked off on Sunday in China’s southernmost island province of Hainan, will focus on global governance and the Belt and Road Initiative, and comes as the Covid-19 pandemic and its resulting global economic recession continue globally.
Regional leaders from government, business and academia will share their vision of the most pressing issues in the dynamic and fast-growing region.
Contact reporter Lu Zhenhua (zhenhualu@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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