波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Global Views

Mixed prospects

By EKATERINE VASHAKMADZE | China Daily Global | Updated: 2021-03-03 08:10
Share
Share - WeChat
SONG CHEN/CHINA DAILY

Productivity-enhancing structural reforms and more regional cooperation would help offset the pandemic's scarring effects on regional growth

According to the World Bank's Global Economic Prospects report, the novel coronavirus outbreak has caused a global recession, the depth of which has only been surpassed by the two world wars and the Great Depression over the past century and a half. The global economy is estimated to have contracted 4.3 percent in 2020. The contraction was highly synchronized across the world, with the GDP of more than 85 percent of economies declining.

East Asia and the Pacific was the only developing region that witnessed an increase in economic activity in 2020 thanks to the robust performances of China and Vietnam. Overall, both countries have been generally successful in containing the spread of the virus to date and benefited from a relatively fast resumption of production and exports, as well as stimulus-fueled public investment. The economic activity of China and Vietnam, as measured by GDP, expanded by 2.3 percent and 2.8 percent respectively in 2020.

In contrast, the rest of the region's developing economies suffered large output losses in 2020.Excluding China, the GDP of the region contracted by 4.3 percent on average, with significant cross-country differences. The worst-hit economies experienced extended periods of lockdowns in response to a high number of new infections (the Philippines), rising domestic policy uncertainty (Malaysia, Thailand, and Timor-Leste), or relied heavily on tourism and travel (Fiji, Thailand, Palau, Vanuatu). Natural disasters-tropical cyclone Harold in Fiji, super typhoon Goni and a volcano eruption in the Philippines, and a severe drought in Thailand-compounded the adverse impact of the pandemic.

The World Bank's report projects global economic output will expand 4 percent in 2021 but that is still more than 5 percent less than pre-pandemic projections. Output in the East Asia and Pacific region is expected to expand by 7.4 percent in 2021. China and Vietnam are projected to grow strongly, but the recovery in the rest of the region is expected to be more protracted.

Output levels in the worst-hit economies, including some Pacific islands whose economies have been devastated by the collapse in global tourism and travel, are expected to remain 9 percent below levels projected prior to the pandemic.

If the pandemic is brought under control, however, and the global economy rebounds faster than anticipated, the region will benefit. The report estimated that such an upside scenario could yield global growth of nearly 5 percent, which would translate into a better-than-expected outlook for the region.

Conversely, the possibility of renewed outbreaks and delayed rollouts of vaccines present key downside risks to the outlook. Although the spread of the pandemic appears to have slowed in much of the region, some countries continue to experience elevated infection rates while others are seeing occasional local outbreaks. Without effective medical treatment or vaccination, mobility continues to be limited due to social distancing measures and travel restrictions. Such restrictions, along with significant income and job losses, have weakened consumer confidence amid lingering policy uncertainty, which continues to weigh on private investment.

There are several other important risks, including heightened financial stress amplified by elevated debt levels, wider fiscal deficits and weaker corporate balance sheets, which have already left policymakers with a difficult trade-off between supporting economic activity and risking future fiscal and financial instability. The elevated corporate and sovereign debt levels may weigh on economic activity if deleveraging pressures prompt the authorities to tighten policy prematurely. Sizable debt levels could also leave the region more vulnerable to repeated shocks, especially if the pandemic lasts longer than expected.

Even if the pandemic subsides faster than expected, the economic damage from last year's recession could be more severe and longer-lasting than anticipated. The COVID-19 pandemic has accentuated preexisting structural challenges, including declining productivity and weak private investment. The pandemic is expected to aggravate these, including through setbacks to physical and human capital and persistent uncertainty, and to compound the deceleration in regional potential growth that was already apparent prior to the pandemic. Left unremedied, the consequences of the pandemic could reduce regional growth over the next decade by more than 1 percentage point.

Policymakers can raise the likelihood of better outcomes while warding off worse ones through effective pandemic control measures, coordinated global vaccination efforts, and deep structural reforms that boost productivity and create a conducive environment for more sustainable and inclusive growth. In addition, promoting education and facilitating productivity-enhancing reallocation of resources can offset the pandemic's scarring effects and lay the foundations for higher long-run growth. Public investment in green infrastructure projects can provide further support for sustainable longrun growth while also contributing to climate change mitigation. Effective and widely available vaccines could trigger a sharp rise in consumer confidence and a wave of pent-up demand. Finally, regional economies, including China and Vietnam, which are recovering early from the COVID-19 shock, should work together to support regional economic reconstruction and recovery.

The author is a senior country economist in the Global Macroeconomic Trends Team of the Development Prospects Group at the World Bank. The author contributed this article to China Watch, a think tank powered by China Daily. The views do not necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
国产98色在线|日韩| 色综合一个色综合亚洲| 91精品国产欧美一区二区成人| 亚洲丝袜精品丝袜在线| 国产ts人妖一区二区| 99热在线观看精品| 国产精品免费看片| 风间由美一区二区三区在线观看| 免费观看特级毛片| 亚洲国产精品av| 懂色av一区二区三区蜜臀| 91久久久久久久久久久久久久| 国产日产精品1区| 国产成人啪免费观看软件| 少妇视频一区二区| 国产精品久久久久婷婷二区次| 成人一区二区三区视频在线观看| 91狠狠综合久久久| 日韩伦理电影网| 韩国三级在线播放| 正在播放亚洲一区| 麻豆视频一区二区| 性欧美精品男男| 国产免费成人在线视频| 成人网在线播放| 欧美视频一区在线观看| 五月激情六月综合| 美女爆乳18禁www久久久久久 | 久久91精品国产91久久小草| 久久精品无码一区| 欧美极品美女视频| 成人性生交大片免费看视频在线| 色吧成人激情小说| 亚洲成人av一区| 成年人免费观看视频网站| 欧美极品美女视频| 青青草精品在线| 日韩一区二区电影网| 国产一区二区三区免费看 | 国产精品免费人成网站| 91视频xxxx| 日韩视频在线观看一区二区| 极品销魂美女一区二区三区| 26uuu成人网| 亚洲国产美女搞黄色| 李宗瑞91在线正在播放| 国产日韩精品一区二区三区在线| 成人免费看的视频| 6080日韩午夜伦伦午夜伦| 精品一区二区在线视频| 一本到不卡免费一区二区| 亚洲va中文字幕| 青青草自拍偷拍| 一区二区欧美精品| 人妻av无码一区二区三区| 亚洲天堂av老司机| 91精品国产自产| 天天天天天天天天操| 波多野在线播放| 国产精品久久久久国产精品日日| 一级黄色大片免费看| 久久久久久久久久久久久夜| 91免费精品国自产拍在线不卡| 日韩美女主播在线视频一区二区三区| 国产精品自在欧美一区| 欧美日韩一区 二区 三区 久久精品 | 麻豆精品在线播放| 日韩在线中文字幕视频| 日韩精品成人一区二区在线| www.毛片com| 日本不卡一二三区黄网| 成年人av电影| 麻豆成人在线观看| 欧美自拍丝袜亚洲| 国产一区二区三区精品欧美日韩一区二区三区| 色婷婷久久久综合中文字幕| 久久99久久久久久久久久久| 欧美视频中文字幕| 成人免费电影视频| 精品国产乱码91久久久久久网站| 91小视频免费观看| 国产婷婷一区二区| 黄色a一级视频| 亚洲激情成人在线| 自拍偷拍第9页| 免费人成网站在线观看欧美高清| 色婷婷av一区二区三区软件| 精品一区二区三区免费毛片爱 | 欧美一级免费大片| 99综合影院在线| 久久精品人人爽人人爽| 亚洲 欧美 日韩在线| 日韩毛片高清在线播放| 亚洲色图27p| 久久aⅴ国产欧美74aaa| 88在线观看91蜜桃国自产| eeuss鲁一区二区三区| 国产网站一区二区三区| 一道本在线观看| 日本女人一区二区三区| 欧美日韩免费视频| 精品国产午夜福利在线观看| 成人欧美一区二区三区白人| 天堂资源在线视频| 精品一区二区三区日韩| 日韩美女一区二区三区| 中文在线观看免费视频| 亚洲高清视频在线| 欧美视频一区二区| 亚洲丝袜在线观看| 亚洲精品视频在线| 在线观看成人小视频| www.亚洲免费av| 综合激情成人伊人| 日韩成人黄色片| 成人综合婷婷国产精品久久| 欧美极品aⅴ影院| 日韩av毛片在线观看| 国产精品综合久久| 国产亚洲成aⅴ人片在线观看| 舐め犯し波多野结衣在线观看| 蜜桃久久精品一区二区| 日韩美女视频在线| 熟女少妇一区二区三区| 美腿丝袜在线亚洲一区| 精品蜜桃在线看| 亚洲黄色小说视频| 国产一二精品视频| 国产嫩草影院久久久久| 欧美激情精品久久久久久免费| 国产成人av资源| 国产精品午夜久久| h色网站在线观看| 成a人片亚洲日本久久| 亚洲三级在线免费观看| 欧美在线免费视屏| 波多野结衣办公室双飞| 亚洲mv大片欧洲mv大片精品| 欧美精品xxxxbbbb| 日本aaa视频| 国产美女在线观看一区| 中文字幕欧美日韩一区| 91精品国自产在线偷拍蜜桃| 韩国三级丰满少妇高潮| 午夜av区久久| 亚洲精品在线观| 成人无码精品1区2区3区免费看| 国产乱人伦偷精品视频免下载| 国产精品美女久久久久久久久久久 | 91精品国产麻豆国产自产在线 | 国产一区二区三区久久久| 国产精品久久久久久久久搜平片| 色吊一区二区三区| 在线黄色免费网站| 韩国欧美一区二区| 中文字幕一区av| 欧美日韩1区2区| 国产人妻大战黑人20p| 东方aⅴ免费观看久久av| 一区二区在线免费观看| 欧美一级片在线看| 国产wwwwxxxx| 亚洲美女高潮久久久| 麻豆精品国产传媒mv男同| 中文字幕精品三区| 精品视频1区2区3区| 日韩中文字幕电影| 懂色av一区二区在线播放| 亚洲一区二区三区美女| 精品国产乱码久久久久久1区2区| 日本福利片在线观看| 天天躁日日躁狠狠躁免费麻豆| 另类综合日韩欧美亚洲| 国产精品久久国产精麻豆99网站| 欧美日韩在线播放| 国产精品天天干| 91视频一区二区| 久久国产人妖系列| 亚洲免费在线播放| 日韩美女主播在线视频一区二区三区| 国产精品久久国产精麻豆96堂| 伊人久久久久久久久| 国内精品伊人久久久久av一坑| 亚洲精品中文在线影院| 欧美www视频| 在线免费亚洲电影| 九九热免费在线| 国产人妖在线观看| 国产精品系列在线播放| 午夜精品久久久久久久久久| 欧美国产禁国产网站cc| 欧美精品乱码久久久久久| 天天做夜夜爱爱爱| 老鸭窝一区二区| 91免费国产在线观看| 日韩欧美电影一区| 一级性生活免费视频| 三级男人添奶爽爽爽视频| www.欧美日韩国产在线| 久久国产精品色|