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Economy

Emerging Asia set for 1st recession in six decades, says ADB

Nobel laureate Stiglitz signals the end of region's labor intensive growth model

Cranes are seen at Tanjung Priok port amid the coronavirus outbreak in Jakarta, Indonesia, Aug. 3.   © Reuters

MANILA -- The developing economies in Asia are expected to shrink by 0.7% this year due to the COVID-19 pandemic, marking the first regional recession in nearly six decades, the Asian Development Bank said Tuesday.

The latest projection highlights how the regional outlook has quickly deteriorated after many governments imposed lockdowns to prevent the spread of coronavirus, suppressing business and trade as a result.

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