“Developing Asia”, which groups 45 countries in Asia-Pacific, is expected to contract 0.7%, the ADB said, forecasting the first negative quarterly figure since 1962.
MANILA: The Covid-19 pandemic will cause economic output in “developing Asia” to shrink this year, the first time in nearly six decades, before it bounces back next year, says the Asian Development Development Bank (ADB).
“Developing Asia”, which groups 45 countries in Asia-Pacific, is expected to contract 0.7%, the ADB said, forecasting the first negative quarterly figure since 1962.
The ADB’s previous forecast in June had reckoned on a 0.1% growth.
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