In some Asia-Pacific countries, the unpleasant memory of the pandemic is receding; elsewhere, second or third waves of infections are raging. A recovery is underway, but the regional averages obscure wide differences within and across countries.
Everywhere, the pandemic has inflicted historic income losses borne mostly by the less advantaged: low-wage and informal workers, as well as youth and women. A region known for its trademark growth-with-equity model now runs the risk of entrenching excessive inequality. If policymakers do not act, they risk stunted opportunities, fragile growth, and even social unrest.
Overall, exports and manufacturing have benefited from surging global demand for pandemic-related supplies. But economies more dependent on services are mostly languishing. We project regional growth to rebound to 7.6 percent this year and 5.4 percent next year.
To read the full article by MENA-FN, please click here.