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%.
Related Articles
China’s new figures add hope to economic recovery
China has reported an increase in industrial production, retail sales and fixed-asset investment at a time when the country is
China cuts fuel prices for the third round in two months
China has cut retail oil prices by about 5% which is China’s third cut in two months. China, the world’s
Greek government in “basic agreement” on austerity package
Greece coalition parties have arrived to a “basic agreement” on the austerity package for 2013-2014 which includes spending cuts worth
