The economies of the countries across the globe are dwindling and are almost on the verge of falling out after the coronavirus pandemic has swung the normalcy entire world bringing it down to a complete standstill. After the world leaders ordered for lockdowns globally in action to combat the spread of COVID-19 the move had consequences impacting productions as it led to closure of many industries, companies and offices.
According to reports, Asia is considered to have a better fare rate as compared to other continents. However, the economic growth of the continent will be reduced to almost to an half for the first time in around sixty years. The projection rate is less than 4.7 % average growth rates throughout global financial crisis making conditions worse.
The International Monetary Fund has said that the crisis caused by the coronavirus pandemic has taken an unprecedented toll on the continent’s service sector and major export destinations. The IMF expects a 7.6% expansion in Asian economic growth in 2021 assuming that containment policies succeed. But they have also added that the outlook was highly uncertain. China’s economy is expected to grow by 1.2% this year, down from 6% growth in the IMF’s January forecast.
Changyong Rhee, the director of the IMF’s Asia and Pacific Department stated that the policymakers must offer targeted support to households and firms hardest-hit by travel bans at such times which are highly uncertain and challenging times for the global economy, social distancing policies and other measures to contain the spread of the coronavirus and the Asia-Pacific region is no exception. He added that the impact of the coronavirus on Asia will be severe and unprecedented.
– Christo Freddy, NMTV News