dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Cities

East Asia And Pacific Region Expected To Suffer GDP Losses Due To COVID-19 Shocks

  • April 21, 2020
Total
0
Shares
0
0
0

Forecasts reveal that COVID-19 will lead to economic losses in East Asia and the Pacific.

The region of East Asia and the Pacific (EAP) are expected to suffer heavy losses in their gross domestic product (GDP) for the year 2020, according to the April 2020 regional report released by the World Bank Group.

The COVID-19 pandemic which originated from China has led not only to a public health crisis but also resulted in a shock in supply and demand for the developing countries in EAP. World Bank’s forecasts suggest that this might push some of them into recession.

The vulnerable

Thailand is expected to suffer the biggest GDP loss in 2020, with a loss in the 2020 GDP ranging from 3% to as high as 5% for the best-case and the worst-case scenario, respectively.

This is in stark contrast to 2019 where Thailand experienced a 2.4% growth. This means that the magnitude of the decrease in growth from 2019  can amount to as high as 7.4 percentage points all in all.

The vulnerability of Thailand in this pandemic is a mixture of its reliance on the tourism industry for its revenue ⁠— among the most affected industries during this crisis ⁠— as well as its high levels of national debt.

Another country expected to experience losses in their GDP for both the best- and worst-case scenario forecasts is Malaysia, with its 2020 GDP loss ranging from 0.1% to 4.6%.

In the worst -ase scenario, Philippines (-0.5%) and Indonesia (-3.5%) are expected to experience 2020 GDP declines. However, if they manage to recover quickly, the forecasts suggest that they can still attain some growth for this year.

Marginal growth

All countries in EAP are expected to experience declines in the growth rate of their GDPs, however, some countries will still experience growth, albeit marginal.

Cambodia is forecasted to gain one percent growth in GDP in the worst-case scenario. In the ideal outcome, this can go a bit higher at 2.5% percent. Even then, this is a huge decline from last year’s growth of 7.1%.

Similarly, Vietnam’s GDP is expected to grow at a rate of at least 1.5%. This can go slightly higher to 4.9% in the ideal scenario.

Even for these two countries, poverty risk remains high, especially for those in the most exposed sectors such as manufacturing and retail.

The economic giant China itself is expected to slow down. In the worst-case scenario, it will register a measly 0.1% growth which can go up to 2.3% if they recover quickly.

For the 2020 Q1, China already took a massive blow in its economy due to the pandemic, registering a decline in their GDP for the first time after more than 40 years. 

We can see that no one is truly safe from the shock resulting from the COVID-19 pandemic. With this, there is a need for a substantial effort and strong policy from governments in order to soften the blow.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Asia
  • Coronavirus
  • COVID-19
  • Economy
  • GDP
  • Growth
majulah

Previous Article
  • Cities
  • World Events

Who’s Most Vulnerable To COVID-19’s Impact On Tourism?

  • April 20, 2020
View Post
Next Article
  • People
  • World Events

COVID-19: Social Distancing Is Triggering Another Crisis We Must Prevent

  • April 21, 2020
View Post
You May Also Like
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Cities

Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong

  • dotlah.com
  • June 4, 2025
View Post
  • Cities
  • Politics

Singapore businesses eye more investments in PH, says PM Wong

  • Dean Marc
  • June 4, 2025
View Post
  • Cities
  • Research

Mathematicians uncover the logic behind how people walk in crowds

  • dotlah.com
  • April 3, 2025
“Toyota Woven City,” a Test Course for Mobility, Completes Phase 1 Construction and Prepares for Launch
View Post
  • Cities
  • Technology

“Toyota Woven City,” a Test Course for Mobility, Completes Phase 1 Construction and Prepares for Launch

  • John Francis
  • January 6, 2025
View Post
  • Cities

Popes were once confined to Rome. Now they travel the world – and Francis’ current journey is particularly significant

  • dotlah.com
  • September 13, 2024
Singapore
View Post
  • Cities
  • Economy

South Africa’s new pension rules: Australia, Chile and Singapore show how personal savings can grow the economy

  • dotlah.com
  • August 30, 2024
Singapore
View Post
  • Artificial Intelligence
  • Cities
  • Technology

These 5 cities are making innovative use of generative AI

  • dotlah.com
  • July 29, 2024


Trending
  • 1
    • Technology
    Ubuntu – For Developer, By Developer
    • August 26, 2017
  • Meal | Egg | Tomato | Mushroom | Beans 2
    • Features
    • People
    Stiff Upper Lip and Sterling Craftsmanship. The Endearing Paradox of British Tradition and Luxury.
    • June 24, 2023
  • 3
    • Lah!
    Best Air Purifiers For Your Home
    • September 25, 2019
  • 4
    • Technology
    Airbus, Rolls-Royce, Safran And Singapore Airlines Sign Global Sustainable Aviation Fuel Declaration At Singapore Airshow
    • February 23, 2022
  • 5
    • Lah!
    Why Is It Important To Wear A Mask To Prevent The Spread Of COVID-19?
    • April 14, 2020
  • 6
    • Lah!
    Inflation Expectations Decline Modestly
    • July 21, 2020
  • 7
    • Cities
    • Lah!
    DBS Completes Singapore’s First USD SOFR-linked Export Financing Transaction With Global Agri-Business Bunge
    • June 25, 2021
  • 8
    • Cities
    • Lah!
    Changi Airport’s Health Safety Standards Receive International Recognition With Successful Renewal Of ACI Health Accreditation
    • September 16, 2021
  • plant sprout 9
    • Cities
    The Rise And Significance Of Urban Agriculture
    • November 10, 2020
  • new orleans 10
    • Cities
    Paris and New Orleans – The Two Cities that Helped Roulette Become a Global Phenomenon
    • December 9, 2020
  • 11
    • Cities
    • Lah!
    A*STAR And Arcstone Open Joint Lab To Help Manufacturers Go Digital, Go Green
    • June 22, 2021
  • 12
    • Lah!
    DBS Partners Food Bank To Better Address Food Gaps For The Vulnerable Through Singapore’s First Virtual Food Banking App
    • June 6, 2020
Trending
  • Scuba Diving 1
    Wetsuit or Drysuit? As always, it depends. This quick guide can help you choose.
    • August 2, 2025
  • 2
    Thoughts on America’s AI Action Plan
    • July 24, 2025
  • 3
    Introducing Surface Laptop 5G: Seamless connectivity, built for business
    • July 23, 2025
  • 4
    Press Start (Or Hit Enter)! Your Go-To Loadout for Streamers and Gamers.
    • July 19, 2025
  • 5
    ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu
    • July 17, 2025
  • 6
    Samsung Galaxy Z Fold7: Raising the Bar for Smartphones
    • July 9, 2025
  • Camping 7
    The Summer Adventures : Camping Essentials
    • June 28, 2025
  • 8
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 9
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 10
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.