2020 Asian economy forecast
The International Monetary Fund on Wednesday revised down its 2020 forecast for the Asian economy to a contraction of 2.2 percent, calling it "the worst outcome for this region in living memory."
The latest forecast is a downgrade compared with the projection of a 1.6 percent contraction in June.
Australia will see a contraction of 4.2 percent in 2020, and Japan's economy will shrink by 5.3 percent. South Korea will contract by 1.9 percent, while New Zealand is expected to see a sharp contraction of 6.1 percent.
India's economy experienced a much sharper than expected contraction in the second quarter, and is expected to recover slowly in the coming quarters, according to the report, which projected India's economy to contract by 10.3 percent this year.
China, which suffered from the COVID-19 pandemic's blow earlier than other countries, has seen a strong recovery after the first quarter lockdown, with growth revised up to 1.9 percent this year, "a rare positive figure in a sea of negatives," an IMF official noted.
The IMF expects the region to grow by 6.9 percent in 2021.