BOAO, Hainan, April 20 (Xinhua) — The pace of economic integration in Asia has been sustained despite COVID-19 inflicting heavy losses, according to a report released by the Boao Forum for Asia (BFA) Wednesday.
Asia will still be in the process of economic recovery in 2022, with the growth rate expected to stand at around 5.2 percent, said the report titled “Asian Economic Outlook and Integration Progress,” citing data from the International Monetary Fund (IMF).
The figure is 1.2 percentage points lower than in 2021, said the report.
There are still many factors that will affect Asia’s economic growth in 2022, such as the pandemic, debt problems, and the supply of key primary products, it said.
While taking a panoramic look at the economic prospects in Asia, the report highlighted that Asia is providing new impetus to the world’s formulation of economic and trade rules.
The trade dependence among Asian economies remained high, the report said, noting that the trade in goods with China by most Asian countries increased, helping anchor regional trade stability against the shocks.
The report stressed that the integration of trade in services in the Asia-Pacific has been particularly strong, which has become a new driving force for the world economy.
In terms of international direct investment inflow and outflow, Asian economies outperformed the global average in 2020, showing that the regional production chains have not been significantly affected by COVID-19 and the China-U.S. trade disputes, it said.