Asian countries will recover from COVID-19 faster than Western

The coronacrisis has made major economies except for China plunge into recession last year

COVID-19 recovery

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.

India is expected to witness the highest GDP growth rate in 2021 among the major economies. Rising demand for goods and services and a revival of key economic sectors is expected to result in a V-shaped recovery. It has already embarked on its mass vaccination drive from mid-January 2021 which is likely to revive major sectors such as transportation, hospitality and entertainment services. India’s manufacturing sector ended 2020 on a bright note while the service industry lost some steam
Swati Verma, Associate Project Manager of Thematic Research at GlobalData

We’ve reported that the first bank in Southeast Asia enabled face recognition at ATMs.

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