Following the economic and workplace impact of COVID-19, the global economy will gradually re-open for business. Globility Group expects this to be a graduated recovery which is likely to span several years, and the nature of the recovery will vary across the Asia Pacific economies.
Respected and credentialled economists predict that the Asia Pacific region will see a moderate economic recovery in the second and third quarters of 2020, speeding up in the fourth quarter of 2020. It is imperative that businesses which mobilise talent to and within the Asia Pacific region plan for their post COVID-19 pandemic recovery now.
The Asia Pacific economies are expected to weather the next twelve months with considerably less damage than most economies in the West.
The exact reasons for this anticipated recovery in the Asia Pacific region are varied and complex, but one reason may be that essentially the Asia Pacific prepared for a pandemic that was like SARS, whereas most Western economies did not anticipate or plan for the deep health impact of the COVID-19 pandemic.
Before COVID-19 struck, 2020 was expected to be the year in which Asia's Gross Domestic Product (“GDP”) overtook the rest of the world combined. Research predicted that Asia Pacific was already going to account for 90 per cent of new middle-class people in the next decade. The period of recovery post COVID-19 will see a new golden age for the Asia Pacific with growth materialising at a rate faster than anyone thought.
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