The pace of economic integration in Asia has been sustained despite COVID-19 inflicting heavy losses, according to a report released Wednesday by the Boao Forum for Asia (BFA).
Asia will still be in the process of economic recovery in 2022, with the growth rate expected to hover around 5.2 percent, the report titled “Asian Economic Outlook and Integration Progress” said, citing data of the International Monetary Fund (IMF).
The figure is 1.2 percentage points lower than in 2021, according to the report.
Many factors will still affect Asia’s economic growth in 2022, such as the pandemic, debt issues and the supply of key primary commodities, he said.
While taking a panoramic look at the economic outlook in Asia, the report pointed out that Asia is giving new impetus to the global formulation of economic and trade rules.
Trade dependence among Asian economies remained high, according to the report, noting that merchandise trade with China by most Asian countries has increased, helping to anchor regional trade stability against shocks.
The report highlights that the integration of trade in services in the Asia-Pacific region has been particularly strong, which has become a new engine for the global economy.
In terms of international direct investment inflows and outflows, Asian economies outperformed the global average in 2020, showing that regional production chains have not been significantly affected by COVID-19 and trade disputes Chinese-Americans, he said.