Vietnam and Some Other Asian Countries Avoided 7% COVID GDP Hit

The IMF now expects Vietnam to have 2.4% GDP growth in 2020 and 6.4% in 2021 while the world will average -4.4% GDP in 2020 and could bounce back 5% in 2021. The world would normally see 3-4% GDP growth in each year. 2020-2021 will the world miss the 8% GDP expected over the two years to end up flat.

China is expecting 2.1% GDP growth in 2020 and 8.4% in 2021.

Taiwan’s GDP is expected to grow 1.8 percent in 2020 and 4.2 percent in 2021.

Indonesia is expecting -1.5% GDP growth in 2020 and 3% growth in 2021.

South Korea is expecting -1% GDP growth in 2020 and 3.1% in 2021.

Although Thailand also had very few COVID cases their tourism dependent economy took large hit. Thailand is expected to have -7.7% GDP growth in 2020 and 4% in 2021.

Malaysia is expecting -4.5% GDP growth in 2020 and 6.5-7.5% in 2021.

There are a wide range of forecasts for India. India is looking at -10% to -12% GDP growth in 2020 and a possible strong recovery in 2021 at 7-10%. India has had some of the highest national levels of COVID cases.

If the projections hold, China will gain 10% over 2020 and 2021 compared to India and the rest of the world.
ASEAN and South Korea GDP will gain 2-9% versus India and the rest of the world.

SOURCES- IMF, Reuters, Worldometers
Written By Brian Wang, Nextbigfuture.com