Receding daily COVID-19 cases, rollout of vaccines, increased spending by the governments along with easing of monetary restrictions will help revive the Association of Southeast Asian Nations (ASEAN*) economies in 2021 with their real GDP forecasted to rise by 6%, says GlobalData, a leading data and analytics company.
Despite the contraction in real GDP in 2020 amid the lockdown restrictions due to the pandemic, ASEAN countries are expected to witness a sharp V-shaped recovery in 2021. From mid-September 2020, most of the ASEAN countries exhibited a declining trend of COVID-19 cases. The fatality rate declined to 2.7% in Indonesia, followed by the Philippines (2.1%), Malaysia (0.4%), Thailand (0.3%), and …
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