In its latest analytic report released on Tuesday, the US-based Moody’s Investors Service highlighted that the Asia-Pacific (APAC) region continues to drive global growth after the coronavirus pandemic-induced downturn.
“All Asia-Pacific economies – except the Philippines, Thailand and Malaysia – are expected to recover past their pre-pandemic levels by end-2021,” said the report.
According to Moody’s, all Asia-Pacific economies are anticipated to record growth in 2021.
As of March 11, Moody’s Analytics forecasts India to record the strongest growth of 12 percent, followed by China (8.3 percent) and Vietnam (7.5 percent).
New Zealand, the Philippines, Taiwan, Singapore, Indonesia and Hong Kong are forecasted to grow by about 5 to 6 percent.
The remainder – Malaysia, Australia, South Korea, Japan and Thailand – are forecast to grow by about 3 to 4 percent.—Agencies