Average GDP in Asean could bounce back to 8% by 2021: ICAEW report

"ECONOMIC growth in the Asean region could rebound to an average 8 per cent in 2021 on the back of recovery in Chinese import demand and global trade, after falling into recession in the first half of 2020, a report suggested on Monday.The report, written by Oxford Economics and commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) suggested that most South-east Asian economies will fall into recession in the first half of 2020 before recording a 1.9 per cent contraction for the full year.

The report, written by Oxford Economics and commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) suggested that most South-east Asian economies will fall into recession in the first half of 2020 before recording a 1.9 per cent contraction for the full year.

On the whole, the Covid-19 pandemic is likely to cause the global economy to shrink by 4.7 per cent, the report said. This is more than double the impact of the global financial crisis in 2008 and will be the biggest global recession in post-war history.

Oxford Economics believes Thailand will be one of the worst hit in South-east Asia because tourism and travel account in particular for 20 per cent of its gross domestic product (GDP)."

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