A gradual U-shaped recovery is expected for the ASEAN+3 region, which includes ten ASEAN member states, China, Japan and the Republic of Korea, according to an updated forecast by ASEAN+3 Macroeconomic Research Office (AMRO).
Singapore (VNA) – A gradual U-shaped recovery is expected for the ASEAN+3 region, which includes tenASEAN member states, China, Japan and the Republic of Korea, according to anupdated forecast by ASEAN+3 Macroeconomic Research Office (AMRO).
Regionalgrowth is expected to slow sharply this year to zero percent, from 4.8 percent in 2019, beforerebounding strongly to 6.0 percent in 2021, AMRO said in a statement.
Nine of the 14ASEAN+3 members are expectedto contract this year, while economies projected to record positive growthrates are China and smaller ASEANeconomies – Brunei, Laos, Myanmar and Vietnam.
Strictcontainment measures to prevent the coronavirus from spreading have causedeconomies to come to a standstill, leading to massive increases inunemployment, disruptions to businesses, and widespread collapse in domesticdemand.
Additionally,bans on international travel have decimated the region's all-important tourismsector.
AMRO said theresurgence in infections in some parts of the region had heightened cautionabout another spate of lockdowns, which the ASEAN+3 economies can ill-afford,even though most still have some fiscal and monetary space to provide supportif needed.
Li Lian Ong, AMROgroup head and lead specialist for financial surveillance and acting group headfor regional surveillance, said the biggest challenge facing the regionalpolicymakers in the second half of 2020 would be balancing the trade-offbetween easing restrictions to revive their economies and risking another waveof infections.
AMRO said itsgrowth trajectory was predicated on the effective containment of the COVID-19,both regionally and globally./.
The government is reviewing the continuation of the free trade agreement (FTA) with ASEAN in the wake of the trading bloc’s reluctance to address India’s concerns over what it believes are asymmetries in the trade pact during the last ten years. According to Times of India, the country’s main grouse is the rising trade deficit with the 10–country bloc.
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The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
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In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
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Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
Illustrative photo. (Source: VNA)
