Manila – December 10 The Asian Development Bank (ADB) said in its supplementary report on the 2020 Asian Development Outlook released on the 10th that China’s economic recovery is now faster than expected, and the bank has raised China’s economic growth expectations this year from the previous forecast of 1.8%. Adjusted to 2.1%.
According to the report, China’s GDP grew 4.9% year-on-year in the third quarter of this year, and China’s economy achieved positive growth of 0.7% in the first three quarters.
At present, China’s industrial recovery is relatively fast, and catering, hotel and other services are gradually catching up with the overall recovery rhythm.
The report predicts that China’s economy will grow by 7.7% in 2021.
Yasuyuki Sawada, chief economist of the Asian Development Bank, said that the growth prospects of developing economies in Asia and the Pacific are improving. The persistence of the COVID-19 epidemic remains the primary risk facing the Asia-Pacific region.
Providing timely, safe and effective vaccines for developing economies is essential to support the economies in the region to resume growth.
The ADB was founded in 1966 and is headquartered in Manila, the capital of the Philippines. Asia Development Outlook is the annual flagship economic report of the Asian Development Bank, which predicts the economic development of the Asia-Pacific region.