Published on: Thursday, December 24, 2020
By: Bernama
Credti: adb.org
Kuala Lumpur: Prolonged lockdowns and social distancing measures are forecast to cap global gross domestic product (GDP) growth this year, making it unlikely that a return to pre-Covid-19 economy growth and trade activity to take place before late 2021.
In Southeast Asia, growth will likely be constrained by social distancing measures, but restrictions will continue to be eased next year, especially in economies that are able to roll out vaccines relatively quickly, the Institute of Chartered Accountants in England and Wales (Icaew) said on Wednesday.
“While uncertainties remain, and most economies will take time to recoup lost output, risks have become more balanced with recent positive news on vaccines and regional growth prospects for Southeast Asia in the medium to long term are optimistic,” it said in a statement here.