The Bird ’ s Nest stadium in Beijing , China .
A FOCUS ON ASIA
We highlight economic forecasts , pandemic recovery measures , shifts , trends and opportunities across the Asian region for manufacturers .
The pandemic has resulted in unprecedented output losses in the
ASEAN offers one of
Asia Pacific region . Losses varied the world ’ s largest , widely across economies , as a function fastest-growing markets of the stringency and effectiveness of and has an extensive containment policies , dependence on manufacturing base that tourism and contact-intensive services , spans light , heavy and high-tech industries .” and the degree of policy support . Some of the Pacific Island countries have been
among the worst affected .
“ While Asian exports and manufacturing generally have held up , due to surges in global demand for pandemic-related supplies , services are taking longer to recover , adding to sectoral divergence . The pandemic has also increased income inequality by disproportionately hurting low-wage and informal earners , as well as young and female workers . Divergence is thus multi-dimensional , across countries and within countries , across sectors , age groups , genders and skill levels . A region known for its trademark growth-with-equity model now runs the risk of entrenching excessive inequality ,” commented the International Monetary Fund ( IMF ) in April this year .
“ Asia Pacific exports are forecast to show buoyant expansion of 13 % year-on-year in 2021 , after contracting by 1.8 % year-on-year in 2020 . A strong economic recovery is expected in 2021 , with Asia Pacific GDP growth forecast at 6.2 % year-on-year , based on expectations that there will be progressive rollout of COVID-19 vaccines during 2021 ,” added analyst , IHS Markit .
A key factor underpinning the strong economic rebound in the Asia- Pacific region is expected to be buoyant economic growth in China , which IHS Markit forecasts to grow at 8.3 % year-on-year in 2021 .
Asia Pacific exports are forecast to show buoyant expansion of 13 % year on year in 2021 , after contracting by 1.8 % year on year in 2020
Asian response to COVID-19
Manufacturing managers in Southeast Asia also saw a slump in activity as the region grappled with one of the world ’ s worst COVID-19 outbreaks , while North Asia continued to see a pick-up as the global economy recovers . Slow vaccine rollouts and the spread of the Delta variant remain key challenges .
40 | sheetmetalplus . com | ISMR October 2021