COVID-19 Impact: Foreign investors pull out $26 billion from Asian economies, over $16 billion from India
“Foreign investors have pulled an estimated $26 billion out of developing Asian economies and more than $16 billion out of India, increasing concerns of a major economic recession in Asia,” independent Congressional Research Center said in its latest report on global economic effects of COVID-19.
Coronavirus Outbreak: Asia to see zero percent growth in 2020, worst performance in 60 years, says IMF
Asia is expected to witness zero percent growth in 2020 due to COVID-19 pandemic, its worst growth performance in almost 60 years, but still the world's largest and most populous continent is likely to fare better than other regions in terms of activity, the International Monetary Fund (IMF) has said
High oil prices hurt consumers, affect current account deficits of many countries: IEA chief Fatih Birol
The effect of high oil prices will be compounded in Southeast Asia as demand is rising fast but production is falling, resulting in the region becoming a net importer of oil, gas and coal, Birol said.
"Fears of a repeat of the 1997 Asian financial crisis are unwarranted," ADB said in a statement. "The region is now in a stronger position to weather the storm, with many economies running current account surpluses and holding large foreign reserve stockpiles."<br /><br />
Quite unlike in the years following 2008, when emerging Asian economies propped up global economic growth, this time it's the developed world that keeps the engine ticking.