- The Asia-Pacific region experienced a recession in 2020 owing to the COVID-19 pandemic, with Asia-Pacific GDP contracting by an estimated 1.1%.
- During the second half of 2020, many Asia-Pacific economies had shown a significant recovery in economic momentum.
- However, recovery momentum in the Asia-Pacific has suffered significant setbacks during the second quarter of 2021, as new COVID-19 waves driven by the highly transmissible Delta variant have resulted in renewed lockdowns being imposed in many Asia-Pacific countries.
For further details see:
APAC Economies Hit By New COVID-19 Waves