Asia Pacific Will 'Wake Up' Again Next Year

 The International Monetary Fund (IMF) expects countries in Asia Pacific to recover from the worst economic recession.


According to the BBC, the growth forecast for the region was lowered again, this time from -1.6% to -2.2% for the year.


However, the IMF predicts an economic recovery of almost 7% next year.


It is clear that the organization involved, China will play an important role in the growth of the region next year, following the latest data showing that China is recovering after being plagued by the adverse effects of the Covid-19 pandemic.


Earlier this week, China released economic data for the July to September quarter which showed the country's economic recovery of 4.9% compared to the same quarter last year.



However, countries such as Malaysia, the Philippines and India are still 'fighting' to overcome the spread of the epidemic.


The IMF added that the economies of the Asia-Pacific region were not only affected by the pandemic but also by trade wars between China and the United States (US) as well as escalating tensions between the two world economic powers.


The organization said the recovery will take place next year but depends on several factors including controlling the spread of the virus.


"With the right policies and international support when needed, Asian engines can work together again and boost the region's economy," said Jonathan Ostry, Director for Asia and the Pacific IMF.