The coronacrisis has made major economies except for China plunge into recession last year
Asian countries will recover from COVID-19 faster than Western. Source: pixabay.com
GlobalData has unveiled that China will drive global economic recovery in 2021. It was the first country to experience a COVID-19 outbreak and the first to reopen, giving its economy a head start to recovery.
In fact, South Korea, Singapore, Malaysia, Japan, Indonesia, and India are the other Asian countries with a strong economic prospect.
Nicklas Nilsson, Senior Analyst of Thematic Research at GlobalData highlighted that this year, China is expected to account for 27% of global economic growth. That’s more than twice as much as the US, putting it back on track to overtake the US as the world’s largest economy. Besides, China is likely to see a shift from government-powered infrastructure investment to pent-up demand and corporate investment in 2021.
We’ve reported that the first bank in Southeast Asia enabled face recognition at ATMs.
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