Asian Development Outlook 2020 Update: Wellness in Worrying Times

Due to the COVID-19 pandemic, developing Asia's GDP is predicted to decline by 0.7% in 2020, marking the region's first recession in nearly 6 decades. However, GDP is expected to grow by 6.8% in 2021. The main risk to the outlook is the prolonged pandemic, and policy support is needed to underpin recovery. The theme chapter explores wellness, which is crucial for post-pandemic recovery, and how policy makers can promote it by creating healthy living environments, encouraging physical activity, and enhancing workplace wellness.

\n Format: Paperback / softback
\n Length: 270 pages
\n Publication date: 28 February 2021
\n Publisher: Asian Development Bank
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As the COVID-19 pandemic continues to wreak havoc on global economic activity, developing Asia's gross domestic product (GDP) is projected to contract by 0.7% in 2020. This marks the region's first recession in nearly six decades, and it comes amid a challenging global economic environment. While the situation is concerning, there is some hope for recovery as GDP is projected to grow by 6.8% in 2021.

Excluding high-income newly industrialized economies, regional GDP is expected to contract by 0.5% in 2020 before rebounding with a 7.2% growth rate in 2021. This growth will be driven by a recovery in domestic demand, particularly in services, as well as a pick-up in exports. However, the road to recovery will be uneven, with some countries facing more significant challenges than others.

One of the key factors contributing to the region's economic downturn is the impact of the pandemic on demand. With lockdowns and travel restrictions in place, many businesses have been forced to close their doors, leading to a decline in consumer spending and investment. This has particularly affected sectors such as tourism, hospitality, and transportation, which rely heavily on international demand.

In addition to the direct impact of the pandemic, the region's economic outlook is also being influenced by broader global economic trends. The trade war between the United States and China, for example, has led to uncertainty and instability in global markets, which has dampened investment and trade flows.

To mitigate the effects of the pandemic and support recovery, developing Asia's governments have implemented a range of measures. These include fiscal stimulus packages, loan guarantees, and support for businesses and individuals affected by the crisis. However, more needs to be done to ensure a sustainable and inclusive recovery.

One area of focus is the promotion of wellness and holistic health. As the pandemic has highlighted the importance of physical and mental health, policy makers in the region are increasingly recognizing the role that wellness can play in driving economic growth and improving social well-being.

To promote wellness, governments can take a number of steps. These include creating healthy living environments, such as improving air quality and access to green spaces, promoting physical activity and healthy diets, and enhancing workplace wellness programs. Additionally, governments can invest in healthcare infrastructure and services to ensure that individuals have access to quality healthcare.

In conclusion, the COVID-19 pandemic has posed significant challenges to developing Asia's economy, but there is hope for recovery. With the right policies and investments, the region can build back stronger and more resilient than before. The promotion of wellness and holistic health is an important aspect of this recovery, as it can help to improve the health and productivity of individuals and businesses, and drive economic growth.

\n Weight: 844g\n
Dimension: 280 x 214 x 24 (mm)\n
ISBN-13: 9789292623616\n \n