The Asia-Pacific economic outlook report released by the IMF on the 21st predicts that the Asia-Pacific economy may shrink by 2.2% in 2020, which is 0.6 percentage points lower than the forecast in June this year. It is expected to grow by 6.9% in 2021. The report believes that the Asia-Pacific economy has begun to recover but is still uneven.

The report believes that while the new crown epidemic is still spreading around the world, the Asia-Pacific economy has begun to recover but is uneven, and the recovery speed of the economies in the region varies. Economic growth prospects will be affected by factors such as the new crown infection rate and prevention and control measures, and the scale and effectiveness of policy responses. However, due to the decline in labor market participation, economic output in the Asia-Pacific region in the medium term will still be lower than before the epidemic.

Specifically, the developed economies in the Asia-Pacific region may shrink by 4% this year, and emerging markets and developing economies will shrink by 1.6%. Among them, China's economy has rebounded rapidly since the second quarter, and is expected to grow by 1.9% throughout the year. The economies of Japan, Australia and Singapore shrank by 5.3%, 4.2% and 6% respectively.

Kenneth Jiang, deputy director of the IMF’s Asia-Pacific Department, told Xinhua News Agency reporters that the epidemic has had a huge and destructive impact on the Asia-Pacific economy. The process and speed of economic recovery in the region is uneven and the prospects are uncertain. However, China’s economy continued to recover in the third quarter and is expected to return to normal sooner, thanks to the Chinese government’s strong response to the epidemic, improving the public health system, providing financial relief to the most affected households and businesses, and increasing the foundation Facilities investment and other measures.