By Gina Lee
Investing.com – The International Monetary Fund predicts zero growth for Asia in 2020.
Australia posts a better-than-expected unemployment rate, but the rate does not factor in the lockdown imposed to control the spread of the COVID-19 virus.
Korea’s ruling Democratic Party wins 163 seats out of the 300 seats on offer in the country’s National Assembly elections.
Vietnam eases lockdowns for most rural areas, but extends them for 12 provinces.
Asia
The International Monetary Fund forecast that growth in Asia will stall at zero percent in 2020.
“This is the worst growth performance in almost 60 years, including during the Global Financial Crisis (4.7 percent) and the Asian Financial Crisis (1.3 percent),”Chang Yong Rhee, director of the IMF’s Asia and Pacific department, said in a blog post.
But he added that Asia is still expected to do better than other regions in terms of economic activity.
Asia Pacific
Australia’s bureau of statistics announced an unemployment rate of 5.2%, better than the 5.5% rate forecast prepared by Investing.com.
But the rate was calculated after lockdown measures to prevent the spread of the virus came into effect.
South Korea’s ruling Democratic Party got a big boost in Wednesday’s National Assembly elections yesterday.
The party won 163 seats out of the 300 seats up for grabs with almost all votes counted, and the opposition United Future Party won 103 seats.
South East Asia
Vietnam eased social distancing measures for most rural areas but extended a two-week period of social distancing for 12 provinces, including Hanoi and Ho Chi Minh City.
VietJet Air and Vietnam Airlines will resume some domestic flights from Thursday.