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Scoop.it!
The region's economy will shrink 0.7% in 2020 but rebound next year, says the Asian Development Bank. 
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Scoop.it!
It comes as authorities around the world have taken aggressive action to support their economies.
Graham Watson's insight:
The Asian Development Bank estimates that the coronavirus pandemic could cost the global economy nearly $9 trillion, knocking somewhere around 8% off global GDP this year, even though governments have taken emergency action.
The extent to which the global economy is going to shrink will, of course, depend on the length of the lockdown.
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The Asian Development Bank (ADB) is reporting that for the first time in 60 years, "developing Asia" - a bloc of 45 countries is going to experience a recession. On the plus side, it's forecast to bounce back the next year. However, it's clear that there are adverse developmental consequences as a result.