Despite the turmoil in regional financial markets over the past week, there has been some good news to report from Asia. New cases of the coronavirus in China have continued to fall sharply. There are signs that economic activity there is recovering, albeit gradually. As factories in China start to ramp up production, this should help to alleviate shortages of intermediate goods, which have caused disruption across the region’s industrial sectors. However, the good news from Asia has been overshadowed by the sharp rise in cases across Europe and the US. A sharp slowdown in global growth, which will weigh heavily on the region’s exporters, now looks inevitable.
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