We expect a more synchronous recovery in Asia Pacific in 2021, with all economies returning to annual growth. While China’s growth should moderate as we discuss in a separate note, the outlook is set to turn more favourable for the ASEAN economies and India.
Despite the positive trends, APAC’s recovery will be far from complete in 2021. Most economies will take time to recoup the lost output, and for some, GDP levels will still be substantially below pre-Covid levels even in 2025.
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