HONG KONG - Some of Asia's biggest economies are likely to narrowly avoid recession this year and are poised to bounce back strongly in 2021 if the coronavirus is contained, the IMF forecast Tuesday,
HONG KONG - Some of Asia's biggest economies are likely to narrowly avoid recession this year and are poised to bounce back strongly in 2021 if the coronavirus is contained, the IMF forecast Tuesday, with China leading the recovery.
It predicted growth of 1.2 percent growth for China this year, the slowest expansion in more than four decades. Indonesia too is expected to just stay above water, gaining 0.5 percent this year before an 8.2 percent bounce in 2021. China is expected to lead the economic recovery in Asia, and Beijing has unveiled a number of massive stimulus measures.
"Beyond China's own domestic challenges, the global recession poses additional threat to the economy," Chang Shu and David Qu of Bloomberg Economics said in a note.
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