Fighting to recover from Covid-19

摘要

Construction in the Asia Pacific (APAC) region has taken hits as a result of the Covid-19 pandemic, like the rest of the globe. However, there are pockets of potential growth, despite the crisis, that depend on a commitment to infrastructure, tourism and general economic health. The global pandemic is not the only challenge facing the APAC region, though. Recent weakness in oil prices and real estate markets, as well as increasing unemployment, have taken their toll on this part of the world which had seen significant economic expansion in recent years. According to data from The World Bank, growth in the APAC region is projected to fall to 0.5% in 2020, the lowest rate since 1967. China's growth is expected to slow to 1 % this year, but then rebound to 6.9% in 2021 as activity gradually normalises as lockdowns are lifted around the world. Economic activity in the rest of East Asia and Pacific is forecast to contract by 1.2% in 2020 before rebounding to 5.4% growth in 2021. Among the major economies of the region, Malaysia, the Philippines, and Thailand are forecast to experience the biggest contractions this year.