As the virus nonetheless spread to other countries in the following weeks and months, governments across Asia implemented lockdowns and restrictions on the movement of people and goods. By and large, the region has been reasonably successful in slowing the spread of the virus, particularly when compared to other parts of the world. Puerto Rico would have lowest growth rate of -2.47%. Taiwan’s is forecast to grow 3.7%. Register now and also receive a complimentary 2-month licence to the OBG Research Terminal. In a further boost to recovery prospects, on November 15 the 10 ASEAN countries, along with Australia, China, Japan, New Zealand and South Korea, signed the Regional Comprehensive Economic Partnership (RCEP). East Asia & Pacific gdp growth rate for 2019 was 3.78%, a 0.4% decline from 2018. Find our research on the Bloomberg Terminal, Dow Jones Factiva, Eikon, S&P Capital IQ, LexisNexis and more. GDP growth (annual %) - East Asia & Pacific, South Asia, Europe & Central Asia World Bank national accounts data, and OECD National Accounts data files. This has in turn encouraged many companies to diversify their industrial and logistical operations. With only 12 million newborns in 2020, China’s economic future is at risk China’s population now exceeds 1.4 billion, but the growth rate has dropped for the 4th consecutive year. Research, storytelling, infographics & presentation design on any topic in your corporate design. India — 7.2%; growth powered by manufactured goods and electronics. South Asia economic growth to expand in 2020. The growth of regional GDP excluding China is forecast to remain stable in 2018, while China's GDP growth is expected to moderate as the economy keeps rebalancing. License: CC BY-4.0 Line Bar Map. The country’s GDP should grow 2.5% in 2020 and accelerate to 7.9% in 2021, supported by strong demand for electronic products and exports of protective gear and medical equipment during the coronavirus pandemic. The Philippines is set to record the largest contraction in Southeast Asia, with its GDP falling 8.2 per cent in 2020, because of its dependence on international tourism and a slow exit from lockdown. Malaysia, Thailand and the Philippines dealt with some of the biggest losses to GDP in 2020, albeit for different reasons. In absolute terms, Indonesia has been the most affected on a medical level in East Asia, with 539,000 cases and 17,000 deaths, followed by the Philippines, with 432,000 and 8400, respectively. 2020/09/29. When publishing one of these graphics, The pandemic is expected to leave lasting economic scars on the region and dampen potential growth. Yet, the country is heavily dependent on tourism and international travel restrictions therefore dealt a major blow to its GDP. In the list of 50 countries/dependent territories having population growth rate above 2%, 46 entrants belong to Africa (38) and Asia (8) continent. Nevertheless, the economy is still forecast to contract by 6% in 2020 before rebounding to 7.8% growth in 2021 – the fastest rate among the ASEAN-5 countries. sports and entertainment. In 2021 global growth is projected at 5.4 percent. More developed economies with strong health care systems and financial reserves, such as Japan and South Korea, were naturally better prepared to manage the health and economic effects of the crisis. According to the ADB, countries which carry high debts (Thailand, Malaysia, Vietnam) are also subject to higher losses. “The long-term impact will be positive for online shopping, as it will start to become habitual for consumers.”. Demonstrating the shifts in customer activity over the past year, the “e-Conomy SEA 2020” report found that while the food delivery (34%), online grocery (33%), education (22%) and video streaming (21%) segments all increased significantly, the previously core function of the apps – ride-hailing services – fell by 13%. On the whole, developing economies in Asia shrunk by 0.2 percent in 2020. In Bhutan, GDP growth is projected at 2.4 per cent in fiscal 2019-20 before falling to 1.7 per cent in fiscal 2020-2021, the ADOS said. South Asia gdp growth rate for 2016 was 7.78%, a 0.3% increase from 2015. We do not expect a broad-based, cost-push consumer price inflation surge. Heavily reliant on tourism and exports, the country was hit particularly hard by the closure of international travel and the drop in global demand for goods, with GDP falling by 12.1% and 6.4% year-on-year (y-o-y) in the second and third quarters, respectively. The recovery in sentiment has been reflected in mergers and acquisitions (M&A). The economy of Asia comprises more than 4.5 billion people (60% of the world population) living in 49 different nations. Does Statista also create infographics in a customized design? South Asia gdp growth rate for 2017 was 6.83%, a 0.95% decline from 2016. For example, stimulus measures released by Thailand’s government were proportionally the largest in the region, equivalent to 22% of GDP. Other than China, India is … Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook Sizable policy support will prevent a more severe deceleration. According to the “e-Conomy SEA 2020” report, released by Google, Singapore’s Temasek and US consultancy Bain and Company in November, the internet economy in South-east Asia is set to expand by 5% this year, to a gross merchandise volume of $105bn. This was followed by a report from international media in November that plans were also in motion to relocate iPad and MacBook production to the country. Some emerging markets were better suited to cope with the pandemic than others. Most of the countries were hit hard by the Covid epidemic. The country is a regional leader in the provision of quality private medical facilities, according to US-based Joint Commission International (JCI). Given their proximity to China, developed industrial sectors and low labour costs, a number of emerging markets in the region have become frontrunners in the race to attract industrial activity. For example, in March local company Halodoc teamed up with Gojek to launch a telemedicine service called Check Covid-19, which allows Gojek users to remotely check their symptoms with the 20,000 doctors in the Halodoc system, helping to reduce the risk of further transmission. Economy Philippines GDP shrinks 9.5% in 2020, worst since 1947. For 2020 as a whole, the Indian economy contracted by 6.9%. The US-China trade conflict has been a key driver for this slowdown in growth, with trade uncertainty remaining a key drag on manufacturing, exports, and investment. on two sectors: "Media and Technology", updated For example, Malaysia, with its high-tech industry and strong services sector, has a more diversified base than some of its ASEAN neighbours, and was thus better prepared to absorb the losses associated with the economic downturn. The largest year-on-year Q1 2020 decline was recorded by Hong Kong, China at -8.9%. – Thailand and Malaysia led the region in terms of government stimulus, – Key digital solutions were developed in food delivery, education, health care and finance, – Despite falling globally, M&A increased in Asia throughout the year, – Emerging markets in ASEAN stand to benefit from the supply chain shift away from China. the Eastern Economic Corridor special economic zone, on November 15 the 10 ASEAN countries, along with Australia, China, Japan, New Zealand and South Korea, signed the Regional Comprehensive Economic Partnership (RCEP). On the whole, developing economies in Asia shrunk by 0.2 percent in 2020. The average growth rate has been calculated using the geometric mean to obtain a 10-year equivalent rate. The Bangladesh economy is forecast to achieve the second-highest growth rate this fiscal year in South Asia, the World Bank said in its biennial regional economic update yesterday. With a series of incentives for potential investors and ongoing efforts to update logistical and industrial infrastructure, the zone also represents a major attraction for companies looking to diversify industrial production away from China. Quick Analysis with our professional Research Service: Many developing nations in the East and Southeast Asia region have taken a major hit economically due to the coronavirus pandemic. Indonesia’s Omnibus Bill on Job Creation – aimed at reducing red tape and incentivising investment – was passed into law. This video is about asian economies in terms of nominal gdp between 1960 -to 2020. This should be followed by a … Despite a steady recovery, with growth rates amplified this year by the low base in 2020, we expect Asia-Pacific's low inflation--about 0.2% during the final quarter of 2020--to pick up only gradually. The largest year-on-year Q1 2020 decline was recorded by Hong Kong, China at -8.9%. To take an example, while Myanmar has experienced strong economic growth in recent years – averaging 6.6% annually between 2010 and 2019, according to the IMF – and invested significantly in health care infrastructure, it still lags behind other economies in the region and was therefore vulnerable to any significant outbreak of the virus. This approach has been evident among the region’s super apps. current data from the United States and around the In China, economic growth is likely to remain relatively robust over the second half of 2020. Hit hard by COVID-19, South Asia is forecast to contract by 3.0% in 2020, compared to 4.1% growth predicted in April. Notwithstanding the challenges associated with coronavirus, the region stands to benefit from post-pandemic opportunities. Globally, real GDP per capita growth rate was 2.0 per cent in 2018 – the same level as the average annual growth rate between 2010 and 2018. As OBG has detailed, this process, known as China +1, was already under way before the outbreak of Covid-19, as rising labour costs and tariffs associated with the US-China trade war saw some companies relocate business operations. Vaccine hesitancy: how can governments increase uptake? The past year 2020 has been a volatile year for the world economy in general and for the ASEAN region in particular. Using OBG Advisory’s “4R” matrix for analysing national Covid-19 responses – encompassing Resilience, Response, Recovery and Reinvention – we highlight success stories and lessons from the region over the year, and look ahead to 2021. Comparatively, the GDP in the … To this end, in February Grab purchased fellow Singaporean start-up Bento, a ‘wealth-tech’ business advisory company, while Gojek acquired Indonesian point-of-sale start-up Moka in April and Vietnamese e-payment start-up WePay in September. Others with weaker infrastructure and lower average disposable incomes faced a more challenging proposition. Check our upcoming releases. Growth in Asia is expected to stall at zero percent in 2020. In 2020, it was forecasted that the GDP would grow by two percent in Myanmar. please include a backlink to the respective infographic URL. Population of Wallis and Futuna Islands, Lithuania and Latvia would decline by above 1 %. This chart shows 2019/2020 GDP growth and 2021 expected GDP growth for selected developing countries in East and Southeast Asia. Which burgeoning Asian economies should we be looking closely at? On January 23 the Chinese government implemented a strict lockdown in Wuhan and nearby cities to contain the virus. This was closely followed by Malaysia, which offered support totalling 21% of GDP through its various packages. Similarly, in October Indonesia’s Omnibus Bill on Job Creation – aimed at reducing red tape and incentivising investment – was passed into law. 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In addition, Thailand was ranked the fifth-most medically resilient country in the world, according the 2019 Global Health Security Index, the only middle-income country to place in the top 10. With its members making up around 30% of the world’s population and GDP, RCEP will become the world’s largest trade bloc. Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a … As the larger Southeast Asian economies wrestle with COVID-19, growth in the subregion is forecast to drop to 1.0% in 2020 before recovering to 4.7% in 2021. Figures and forecasts are as of ADB's Asian Development Outlook (ADO) 2021, released in April 2021. Taiwan’s projected growth for 2021 is an upgrade of the previous forecast for a 3.83% expansion, and an acceleration from the revised growth of 3.11% for the whole of 2020, … South Asia gdp growth rate for 2018 was 6.10%, a 0.73% decline from 2017. facts. For individual content and infographics in your Corporate Design, The average annual population growth rate of 0.53% was slower than the 0.57% measured in the 2010 census, reflecting the failure of policies designed to reverse China's falling birth rate. While in recent years these apps – led regionally by Gojek and Grab – have sought to expand their offerings, Covid-19 has forced them to reassess their plans, with many looking towards consolidation rather than expansion. East Asia & Pacific gdp growth rate for 2016 was 4.09%, a 0.1% decline from 2015. Asian countries’ levels of resilience to the pandemic varied in line with their respective levels of economic development. East Asia & Pacific gdp growth rate for 2018 was 4.18%, a 0.58% decline from 2017. New, Insights into the world’s most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development, Find studies from all around the internet. Moreover, the economy is heavily reliant on overseas remittances, which account for around 9% of GDP, and – with some 250,000 of the country’s 12m overseas foreign workers sent home over the course of the year as a result of the pandemic – remittances fells by 2.6% y-o-y in the first eight months of 2020. Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery. Given that many Asian countries, particularly those in ASEAN, are actively courting large-scale industrial investment, closer trade ties bode well for future growth. Growth in East Asia will dip from 5.4% in 2019 to 2.0% in 2020 before reaccelerating to 6.5% in 2021. In addition to online platforms Gojek (Indonesia) and Grab (Singapore) adopting contactless delivery payment methods, innovations were made in other areas. The year has undoubtedly been a difficult one, with the virus disrupting both daily life and the economy for months. East Asia is the exception, with an upgraded growth forecast of 1.6% for 2020 on the back of faster than expected recoveries in the PRC and Taipei,China. As many analysts have pointed out, M&A has in many cases been the perfect strategy for cash-strapped start-ups and larger companies looking to make cheaper strategic investments. Directly accessible data for 170 industries from 50 countries Developing East Asia and Pacific 2020 GDP growth to slow to 0.9%. Although severely restrictive, the measures were credited with slowing the spread from the epicentre. That said, Asia still looks to fare better than other regions in terms of activity. The report said that overall, it expects Southeast Asia's GDP growth to contract by 4.2 per cent in 2020. The country’s manufacturing sector had been taking over certain market segments even before the crisis as the Chinese economy is transitioning to a higher value-added model. In particular, Thailand was already well established as a regional medical hub before the pandemic, positioning the country in good stead to manage the health impacts of the crisis. News: Promoting Wellness Key to Developing Asia's Post-COVID-19 Recovery — ADB. Singapore on Monday maintained its forecast of gross domestic product growth of 4% to 6% for 2021, unchanged from its estimate in November. While all countries implemented some form of stimulus plan or state support package, these varied in scope and focus. In Nepal, growth in fiscal 2020-21 is projected at 3.1 per cent. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. World Bank national accounts data, and OECD National Accounts data files. Given the restrictions on movement and social distancing guidelines, the expansion of online platforms offering payment, food delivery and medical advice was not only key to providing basic goods and services to the general public, but also a necessity for companies looking to adapt to rapidly changing demand. Aside from the medical crisis, governments and other key institutions in Asia responded to the subsequent economic fallout. Growth prospects for 2021 are revised down to 4.9% from 6.0%. With China’s GDP growth exceeding that of the US by 5.9 and 4.4 percentage points in 2020 and 2021 respectively, the US-China GDP gap is expected to come down significantly. Vietnam is likely the top-performing Asian economy in 2020 — a feat that was achieved without a single quarter of economic contraction. please visit our agency website, Your contact to the Infographics Newsroom. internet, telecommunications and consumer electronics Thailand, Malaysia, the Philippines and Indonesia all reduced their benchmark rates to record lows throughout 2020, at 0.5%, 1.75%, 2% and 3.75%, respectively. GDP growth (annual %) - Thailand. Meanwhile, the dynamism of digital industries in Thailand, Malaysia and Indonesia allowed these countries to effectively pivot towards digital payment, e-health and online education services. Sustained per capita growth during this period was driven mainly by strong progress in Eastern and South-Eastern Asia and in Central and Southern Asia. All economies except Hong Kong, China; and Mexico registered positive real GDP growth during the period. Read our Philippines 2021 Economic Report and Investment Analysis online or purchase from our online store. In 2020, the GDP growth compared to the previous year was forecasted to be the highest in Bangladesh with 3.8 percent. Figures and forecasts are as of ADB's Asian Development Outlook (ADO) 2020, released in April 2021. The economic impact of the COVID-19 pandemic resulted in negative real GDP growth rates in 10 economies during the first quarter of 2020. Support funds were typically followed by central bank efforts to boost liquidity. GDP in South Asia should expand robustly in 2021, as the impact of the pandemic on domestic activity across the region fades and a strong recovery in global demand boosts exports. Major downside risks include volatility associated with faster than expected monetary policy tightening in advanced economies and a rising threat of trade restrictions. The report expects a strong bounce-back in the region overall, with growth of 7.3 percent in 2021, compared with 5 percent in 2019. proper attribution to Statista. List of Asian countries by GDP. Official data showed that GDP fell 7.3% from last July to September, following a record drop of more than 24% the previous quarter. As the world continues its economic recovery from the coronavirus pandemic, governments and companies alike are looking at ways to grow vaccine acceptance. For example, in June Gojek announced that it would lay off 9% of its workforce and close GoLife, which offered household cleaning and on-demand massage services, as well as GoFood Festivals, the arm that operated physical food halls. Although global cross-border M&A fell by 15% y-o-y in the first nine months of the year, according to the UN Conference on Trade and Development, comparable activity in Asia rose by 60% y-o-y over the period. Such a phenomenon was clearly evident in Indonesia, South-east Asia’s largest digital economy and home to five of the region’s 11 unicorns. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Forecasted global real GDP growth due to COVID-19 2019-2022, COVID-19 impact on GDP forecast India FY 2021, by agency, Impact of COVID-19 on projected real GDP growth in South Africa 2019-2022, Impact of COVID-19 on projected GDP growth in Tanzania 2020-2022, Impact of COVID-19 on projected real GDP growth in Egypt 2019-2022, Impact of COVID-19 on projected GDP growth in Angola 2020-2022. Elsewhere, Thailand's key industries were badly affected by the pandemic. world relating to economic and political issues as well as South Asia’s GDP is forecast to contract by 6.1% in 2020, revised up from the 6.8% contraction expected in September. Gross domestic product (GDP) growth rates for ADB's developing member countries. Although this will prove the worst performance for more than 40 years, it is still above the global forecast of -4.4% for 2020. License : CC BY-4.0 Government eyes big rebound in 2021 after first contraction in 22 years For example, as of November 29 the total number of infections in Vietnam – a country with a population of around 95m – was just 1343, while virus-related deaths numbered 35. Elsewhere, educational technology firm Ruangguru launched the Ruangguru Online School Programme, offering daily virtual classes to students of all grades via the company’s platform. 1961 - 2019. Among those with tighter restrictions was the Philippines, whose enhanced community quarantine – imposed on the island of Luzon – severely restricted the movement of people, except for essential work and health purposes, and led to the closure of all businesses deemed non-essential. Countries by Real GDP Growth Rate in 2018 (Data from IMF WEO Database, April 2020) This article includes a lists of countries and dependent territories sorted by their real gross domestic product growth rate ; the rate of growth of the value of all final goods and services produced within a … Regional growth is projected to slow sharply in 2020, to 0.5 percent—the lowest rate since 1967 —reflecting the impact of pandemic-related lockdowns, tighter financing conditions, and a deep contraction in exports. Economic activity in Southeast Asia is expected to contract by 2.7% this year before growing by 5.2% in 2021. Use is, however, only permitted with daily and featuring the latest statistics from the media, The city-state is … East Asia’s growth outlook for 2021 is maintained at 7.0%. For example, in May regional media reported that US tech giant Apple was set to shift the production of around 30% of its AirPods from China to Vietnam. News: Developing Asia's Economic Growth to Contract in 2020. Regional growth is expected to gradually recover during the second half of 2020 and return to around trend by late 2021. Just as has been seen on a global scale, much of the M&A activity has been focused on virus-resilient industries like ICT and health care. However, the largely successful containment of the virus in most countries, the development of new digital solutions and the move to diversify supply chains away from China have left the region well positioned to capitalise on the post-pandemic changes in the global economic landscape. According to IMF growth projections released in October, the Asia-Pacific region is expected to contract by 2.3% this year. According to the latest economic outlook by the Asian Development Bank, all countries are supposed to bounce back in 2021, however. Prospects for the region are brighter in 2021. The Gross Domestic Product of a country can be defined as the total monetary value of the goods and services produced within its borders in a year. According to the figures, the most noteworthy high-growth developing Asian countries for 2020 and beyond are… Bangladesh — 8%; growth driven by foreign investment in low-cost textiles, garments and shoes. But the so-called V-shaped recovery is stronger for some than for others. However, the large populations of these countries – with Indonesia at 270m and the Philippines at 108m – must be taken into account. GDP growth is expressed as a percent. Moving forward, this broader shift away from China, coupled with the incentives offered by governments in ASEAN, could see the region become a major producer of next-generation industrial products. Also Show. After a sharp slowdown to 0.9% in 2020, output in East Asia and Pacific is projected to expand 7.4% in 2021, to a level still around 3 percent below pre-pandemic projections. Published by Aaron O'Neill, Apr 1, 2021 In 2020, the estimated total GDP of all ASEAN states amounted to approximately 3.11 trillion U.S. dollars, a significant increase from the previous years. According to IMF growth projections released in October, the Asia-Pacific region is expected to contract by 2.3% this year. As a result of the economic fallout of Covid-19, emerging economies across the world are grappling with numerous challenges, including cash flow crises, the risk of prolonged recession and debt... How do you assess the impact of the Covid-19-induced crisis on the natural gas industry? The country imposed strict lockdown measures, with considerable restrictions in place until the end of the year. Despite the considerable economic and social upheaval caused by Covid-19, Myanmar (2%), China (1.9%) and Vietnam (1.6%) are still expected to record growth this year. Global growth for 2018 is estimated at 3.7 percent, as in the October 2018 World Economic Outlook (WEO) forecast, despite weaker performance in some economies, notably Europe and Asia. Generally speaking, more diverse and digitalised economies were better able to withstand the challenges accompanying Covid-19. Here are Asian Countries with highest GDP growth Rate in 2020. The economic realignment caused by the pandemic has led the companies to refocus on their core businesses, which Fitch predicts will be ride-hailing, food and grocery delivery, and payments. Website, your contact to the subsequent economic fallout suited to cope the... 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