East and South Asia
Diplomatic Correspondent
28th January, 2021 10:45:18
The United Nations (UN) on Thursday warned that the devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy.
In 2020, the world economy shrank by 4.3 per cent, over two and half times more than during the global financial crisis of 2009.
The modest recovery of 4.7 per cent expected in 2021 would barely offset the losses of 2020, says the latest World Economic Situation and Prospects.
GDP growth in East Asia fell sharply to 1.0 per cent in 2020, marking the region’s weakest expansion since the Asian financial crisis of the 90s. Widespread mobility restrictions significantly curtailed household spending and investment, while supply chain disruptions and weak global demand adversely affected exports.