Photo Credit: G20 Insights
ISLAMABAD, Dec 10 (APP): The Asian Development Bank (ADB) in its report has said that Pakistan’s economy is recovering; particularly in manufacturing and construction sectors supported by the government’s emergency relief package.
The brief report “Asian Development Outlook (ADO) 2020 Supplement: Paths Diverge in Recovery from the Pandemic” released on Thursday said the developing Asia was now forecast to contract by 0.4% in 2020, less than the 0.7% contraction envisaged in the Asian Development Outlook 2020 Update in September. It forecast the developing Asian growth to rebound to 6.8% in 2021, but prospects diverge within the region.
The earlier South Asia forecast for 6.8% contraction is upgraded to 6.1% in line with an improved projection for India. Recovery in Southeast Asia continues to lag as COVID-19 virus containment efforts in the larger economies hamper economic activity. Subregional forecasts are downgraded for 2020 from 3.8% contraction to 4.4%, and for 2021 from 5.5% growth to 5.2%. Depressed demand and low oil prices will keep regional inflation in check at 2.8% in 2020 and 1.9% in 2021.
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