The Philippines is likely to be the last country in the Asia-Pacific region to fully recover from the coronavirus pandemic-induced recession, with recovery seen only in the fourth quarter of 2022 while other economies are will regain all of their lost output by the end of this year, according to Moody’s Analytics.
In a report, Steven Cochrane, Moody’s Analytics chief economist, said the Philippines and India are expected to struggle due to their deep recession and uncertain fiscal support of their policymakers.
The research arm of Moody’s sees India fully recovering in the first quarter of next year and the Philippines by the fourth quarter of next year.
China, Taiwan and Vietnam have already recovered their lost output and are expected to enjoy further economic expansion in the year ahead. On the other hand, countries like Hong Kong, South Korea, Indonesia, Australia and Thailand are expected to complete recovery by the middle of 2021.