Hanoi (VNA) – Moody's Analytics, a unit of Moody’s Corporation,has forecast Vietnam, together with China and Hong Kong (China), would see thefastest growth in 2021, thus making the Asia-Pacific region lead the globalrecovery from the COVID-19 pandemic.
"The Asia Pacific economy has done the best job ofcontaining COVID-19 and it is rebounding with the global recovery of industrialproduction and global trade. Further, it enjoys a level of fiscal support inmany countries that will keep a floor under the economy and preserveenterprises and household financial conditions so that they are able tocontribute to economic recovery," said Moody's Analytics chief Asia-Pacificeconomist, Steve Cochrane.
However, while the Moody's Analytics baseline economicoutlook expects growth across the entire Asia-Pacific region in 2021, economicrecovery in the region will not be fully complete until international traveland tourism flourish once again.
The true impact is when growth rates are combined with thedepth of each country's downturn, which determines when each country's GDPreturns to a new peak level.
China has already achieved this in the second quarter as it reboundedquickly from its recession that started in early January. Taiwan and Vietnamwill be at new peaks by the time Q4 of 2020 comes to an end, said Moody'sAnalytics.
On the other end of the spectrum, Japan, the Philippines andIndia will not surmount new peaks until the second half of 2022. Japan's slowrate of growth combined with a longer recession that began in the fourthquarter of 2019 will delay its shift back into economic expansion. India andthe Philippines were the two hardest hit by the economic impacts of thepandemic and have the deepest holes to climb out of./.
VNA