Covid-19 causes deeper contraction on Apec economies

KUALA LUMPUR: The Covid-19 pandemic is causing a deeper contraction to the Asian Pacific economies, said Apec Policy Support Unit.

A new updated report from the unit finds that the Asia-Pacific Economic Cooperation (APEC) region’s economic growth was now expected to decline by 3.7 per cent in 2020, down from its initial forecast of a 2.7 per cent contraction in April, bringing the total output loss to a staggering US$ 2.9 trillion.

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