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ASEAN and India sink into deep minus growth: JCER survey

Acceleration of digitization expected due to COVID-19 pandemic

The coronavirus pandemic has hit Asian economies hard. Conditions in the ASEAN5 countries and India are still deteriorating, with trade and movement of people restricted in an attempt to control the spread of the virus.    © Reuters

The outlooks for Asian economies have further deteriorated in the last three months as the impact of the coronavirus outbreak and consequent business restrictions have intensified throughout the region.

The economies of five major Southeast Asian countries and India shrank significantly in the April-June period, and the annual growth projections fell below zero for the six countries. Unemployment is on the rise. Economists expect recoveries from the second half of the year, but this scenario is based on the condition that the pandemic will be controlled properly.

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