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Economy

Emerging Asia to grow 0.1% in 2020, slowest rate since 1961

ADB says 33 economies to shrink as banks renew warning of financial crises

Container ships are shown in Singapore in July 2019.   © Reuters

MANILA -- Developing Asia will barely grow this year as lockdowns imposed to fight the spread of the coronavirus hamper economic expansion, the Asian Development Bank said in a report on Thursday.

The region is expected to grow by 0.1% this year, the slowest rate since 1961 and a further deterioration from the 2.2% projection in April. The ADB said 33 of 46 economies are now expected to shrink, up from nine.

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