China rebound key to Asian economy

Concerted efforts, global partnerships crucial to tackle COVID-19 challenges

The Asian economy will be able to achieve positive growth this year if the ongoing efforts to rein in the COVID-19 pandemic bear fruit in the second half and China's economic recovery gathers momentum, a new report said on Friday.

The Asian Economic Outlook and Integration Progress Annual Report 2020 released by the Boao Forum for Asia projected that despite a possible sharp decline this year, economic growth in Asia will likely see a sharp rebound in 2021.

"If the pandemic is mitigated in the second half of the year, Asia's growth rate might still be positive. But if it recurs or the stimulus policies turn out to be ineffective, there is still a possibility for Asia's growth rate to fall below zero," the report said.

Although Asia's economic growth in 2019 fell to its lowest in recent years, its share in the world total still rose to 49.5 percent. The share is projected to further increase this year to more than half of the world total, representing about 50.2 percent, according to the report.

Li Baodong, secretary-general of the Boao Forum for Asia and former vice-foreign minister, said the world is now facing the worst economic downturn since the Great Depression and concerted efforts and global partnerships are more critical than ever to address the challenges posed by the COVID-19 pandemic.