ADB: Asia Pacific developing economies are expected to grow 7.3% this year

The Asian Development Bank released the 2021 Asian Development Outlook 28 report, saying that although COVID-19 is still continuing, the developing economies in the Asia Pacific region will usher in economic recovery in 2021, and the economic growth rate is expected to reach 7.3%, and China's economic growth rate will reach 8.1%.

The report predicts that the recovery of Asia Pacific developing economies will show differentiation. East Asia and South Asia are ahead of other regions, with growth rates of 7.4% and 9.5% respectively.

The report believes that the progress in vaccine distribution, the gradual recovery of the global economy, the gradual recovery of consumer confidence and the introduction of supportive macro policies will be the main driving forces for regional economic recovery.

The report said China's economy will continue to recover, with growth expected to reach 8.1 per cent in 2021, an increase of 0.4 percentage points from the forecast in December last year.

According to the analysis of the report, from the demand side, the three conditions for the good consumer market are employment market, consumer confidence and household consumption recovery. From the supply side, the large-scale promotion of vaccination in China will bring more growth space for the service industry. The industries with greater impact on hotels, entertainment and tourism will gradually catch up with the overall recovery rhythm.

The report holds that green and inclusive development will be the main path of regional economic recovery. All economies should start from financial, legislative and regulatory aspects to achieve the sustainable development goals.

Asian Development Bank is a multilateral development bank focusing on the development of the Asia Pacific region. It was founded in 1966 and headquartered in Manila, the capital of the Philippines《 The Asia development outlook is the annual flagship economic report of ADB, which forecasts the economic development of the Asia Pacific region.