Asian Countries Bounce Back From COVID-19
Asian economies are leading the way for a global economic recovery after being severely hit by the lockdowns.
As one of the largest manufacturers of laptops, communication equipment and other electronics, Asian countries are enjoying the “Zoom boom”—a phrase that refers to the increase in deamdn for electronics as more people work from home and use online platforms like Zoom.
Japan, the world’s third largest economy, has seen a 5% economic growth in the third quarter of this year, compared to the previous quarter, when its economy shrank 8.2%.
Japan avoided some of the tough lockdown measures and also rolled out stimulus packages to spur its virus-hit economy.
Earlier this year, Japan unveiled two stimulus packages worth a combined $2.2tn (£1.7tn), including cash payments to households and small business loans. Last month, the country announced considering an additional stimulus package focusing on boosting consumption.
China is expected to grow by about 2% this year, while the global economy as a whole is expected to contract by 4.4%. The US economy will shrink by 4.3%.
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