Moody’s: Asia-Pacific’s strong rebound masks deep economic scars

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The US-based rating agency, Moody’s Investors Service, is out with its assessment of the Asia-Pacific economy amidst the ongoing coronavirus crisis.

Key takeaways

Asia-Pacific’s strong rebound masks deep economic scars.

Asia-Pacific’s economic activity likely will rebound strongly in 2021 and 2022 as compared with recent performance.

Asia-Pacific’s overall output will likely fall short of pre-pandemic forecasts by 2023 because of deep economic scars from the pandemic.

Asia-pacific likely to grow faster in 2021-22 than Middle East and North Africa and LatAm, but performance to increasingly diverge within region.

Sees about 30% of APAC economies will experience output decline of 2%-8% below pre-pandemic forecast GDP levels by 2023.

More than 40% of APAC economies will have output losses exceeding 8% of pre-pandemic GDP forecast levels by 2023.