In ASEAN, Singapore will be the best performing economy, projected to grow by 6% in 2021, according to the recently released World Economic Outlook report.
Growth in Asia is expected to reach 6.5%, with China’s GDP expanding by 8%, compared to a contraction of 2.3% in 2020.
The four economies of Indonesia, Malaysia, the Philippines and Thailand, which shrank last year, are forecast to rebound this year but all with figures under 3.5%.
According to the IMF, disrupted supply chains and price pressures are restraining the recovery momentum. As such, global growth has been revised down to 5.9%, down slightly from the previous estimate of 6%.
The organisation added that the labour market remains weak compared to the pre-pandemic period, with emerging and developing economies hit harder than developed economies.
