London
The Asian Development Bank says the Covid-19 pandemic has pulled the region’s developing economies into recession. It is the first time in six decades that “developing Asia” – a designation that includes 45 countries – has seen a regional slump. The ADB says developing Asia’s economy will shrink by 0.7% in 2020. But the region is expected to rebound strongly in 2021, growing by 6.8% next year. The bank’s Asian Development Outlook Update shows about three-quarters of the region’s economies are forecast to slump this year.—BBC News
