Getting Asia back on track after the shock of Covid-19 was never going to be easy, even before the uncertainties now being caused by ‘armed conflict involving key global actors’.
That’s the careful conflict description chosen by the Asia Development Bank (ADB) to cover Russia’s six-month-old invasion of Ukraine, which inevitably lies at the heart of the difficult economic rebuilding task currently facing large parts of Asia.
“Last year showed several reasons for optimism,” said ADB in its listing of key indicators for Asia’s recovery and future growth.
“Cyclical industries recovered gradually; consumer demand and confidence levels increased, and more economic activities resumed. At the same time, the emergence of more contagious Covid-19 variants, inflationary pressures, debt burdens, and heightened geopolitical risks are dampening hopes for an immediate economic recovery.
“Pandemic scarring remains a big concern if setbacks in poverty reduction, gender equality, and education are not immediately addressed. Other concerns include uncertainties such as armed conflict involving key global actors. There are also looming threats of...
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