Developing Asia’s economic growth to contract in 2020; China to grow, India seen shrinking – ADB

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Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB).  The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year — marking its first negative economic growth since the early 1960s. Growth will […]

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Developing Asia growth to fall in 2020 on COVID-19 impact; China at 2.3%, India at 4%, says ADB

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Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication. The report forecasts regional growth of 2.2% in 2020, a downward revision of 3.3 […]

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Middle east feels the pinch on account of the slump in Asia’s oil demand

The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]

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Asia’s top refiner slashes production as Coronavirus scare wrecks demand

China Petroleum & Chemical Corporation, or Sinopec—the largest oil refiner in Asia—is cutting its refinery production by 600,000 bpd in February, due to decreased fuel demand amid the raging coronavirus outbreak, Reuters reported. The spread of the coronavirus and its impact on fuel demand amid travel restrictions and thousands of canceled flights has already had […]

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China’s coronavirus scare and holiday blues choke gold demand in Asia

Physical gold demand was subdued in major Asian hubs last week on account of the Lunar New Year holidays, with growing fears the coronavirus outbreak in China could further dampen activity, reports Reuters. China, the world’s biggest gold consumer, is ramping up measures to contain a virus that has killed 26 people, suspending public transport […]

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Asian countries face policy uncertainty, resource nationalism in mining: Fitch report

Rising geopolitical tensions and pressures to the global economy will continue to evoke volatility in commodity markets, heightening risks to metal demand and prices, Fitch Solutions’ newest report on key Asia mining themes finds. The Asian mining landscape will continue to benefit from the availability of high-grade resources and low labour costs, although key countries will […]

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