KUALA LUMPUR: Growth across Asia-Pacific will slow to 4.0% in 2020, the lowest since the Global Financial Crisis, due to the Covid-19 coronavirus outbreak, S&P Global Ratings says.
“A U-shaped recovery should start later in 2020 but by then overall economic damage is likely to reach US$211bil, ” according to an article S&P Global Ratings published titled"Covid-19 now threatens more damage to Asia-Pacific."
"China's return to work is proceeding at a glacial pace as local officials remain cautious about a renewed upturn in infections." "Still, even a U-shaped recovery will mean a regional economic loss of about US$211bil that will weaken balance sheets. Some economic activities will be lost forever, especially for the service sector," Roache said.
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