MANILA, Philippines: Consumer spending in the Asia-Pacific region has not bounced back fully from the impact of Covid-19, particularly in the Philippines where it remains significantly low, Moody's Analytics Senior Economist Stefan Angrick and Associate Economist Jeemin Bang said in a report.
MANILA, Philippines: Consumer spending in the Asia-Pacific region has not bounced back fully from the impact of Covid-19, particularly in the Philippines where it remains significantly low, Moody's Analytics Senior Economist Stefan Angrick and Associate Economist Jeemin Bang said in a report.'Big shifts in consumer spending through the Covid-19 pandemic have still not fully reversed in many Asia-Pacific countries,' they said.
As restrictions eased, spending on services like restaurants and entertainment started to go up, but not at the same pace everywhere in Asia-Pacific.The economists said that spending on services is almost back to normal in South Korea, Taiwan, and Australia. However, they trail Japan and New Zealand.On the other hand, spending on services in the Philippines and Thailand is lower than before the pandemic.'The slow recovery of tourism is a contributing factor,' they said.
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