Deutsche Welle (English edition)
Asia-Pacific economy to rebound in 2021, despite COVID
China and India, two of the region's largest economies, are set to buoy the recovery. But the Asian Development Bank cautions new coronavirus outbreaks and delays in vaccinations could still spell trouble.
Asian economies are forecast to grow by 7.3% this year, according to a report by regional lender the Asian Development Bank (ADB).
The positive outlook follows a small economic contraction last year due to the coronavirus pandemic and beat a previous estimate of 6.8% growth.
Key report figures
China's economic rebound is forecast to be the strongest this year with growth at 8.1%. This will be driven by strong domestic demand and exports, the Asian bank said.
It estimates China's economy will slow to 5.5% in 2022.
India's economy will expand by 11% this year, the bank predicted,in line with International Monetary Fund estimates.
The bank said it expects inflation in the region to fall to 2.3% this year from 2.8% in 2020, when disruptions from the pandemic pushed food prices sharply upward in some places.
Looking ahead to 2022, the region's economies — comprised of 45 countries from the Asia-Pacific — are projected to grow 5.3%. Meanwhile, inflation is forecast to rise to 2.7% in 2022.
Threats to growth
Not every country in the region can expect such positive economic news. The ADB forecast that Myanmar's economy will contract nearly 10% this year, after a military coup in February disrupted the country.
This contributed to the trimming of Southeast Asia's 2021 growth forecast to 4.4% from a previous estimate of 5.5%.
The bank warned that new coronavirus outbreaks in several countries, including Thailand, India and the Philippines, threaten the region's growth prospects.
India is in the midst of a severe coronavirus surge that has overwhelmed its healthcare system.
But Yasuyuki Sawada, ADB's chief economist, said that the country's growth forecast was still "achievable" adding that India's vaccine rollout "is going well."
Geopolitical tensions, political turmoil, production bottlenecks, and pandemic-caused school closures also posed threats to the ADB predictions.
important for both sides."
What was the reaction from the UK?
UK Prime Minister Boris Johnson also welcomed the vote, saying that it is now time for Britain "to look forward to the future."
"This week is the final step in a long journey, providing stability to our new relationship with the EU as vital trading partners, close allies and sovereign equals," Johnson said.
Britain's chief Brexit negotiator David Frost said that both sides had "worked tirelessly to agree a deal based on friendly cooperation and free trade."
He added that Tuesday's vote "brings certainty and allows us to focus on the future. There will be much for us and the EU to work on together through the new Partnership Council and we are committed to working to find solutions that work for both of us."
How are relations between the UK and the EU since Brexit?
Trade between the two sides has plummeted since the break came into effect on January 1, with EU imports from the UK down almost 50% and exports to the UK down 20% during the first two months.
The EU also launched a legal dispute against the UK after Westminster unilaterally extended a grace period for not conducting checks on goods being transported between Northern Ireland and the rest of the UK.
The two sides have yet to find common ground on how to implement the so-called Northern Ireland protocol which aims to protect the single market while avoiding a hard border with EU member Ireland.