ADB sees downturn persisting for developing Asia

MANILA－Developing economies in Asia, stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, will contract in 2020, the first such downturn in nearly 60 years, the Asian Development Bank said on Tuesday in an update to its forecasts.

The update of the ADB's outlook estimates the regional economy will contract 0.7 percent this year, recovering to 6.8 percent growth in 2021.

Conditions could deteriorate further, however, if the coronavirus pandemic worsens significantly, the regional lender said.