Asia sees first regional economic recession in sixty years

The Asian Development Bank (ADB) is reporting that for the first time in 60 years, "developing Asia" - a bloc of 45 countries is going to experience a recession.

On the plus side, it's forecast to bounce back the next year. However, it's clear that there are adverse developmental consequences as a result with many countries suffering a severe contraction of national output and a steep decline in real per capita incomes as a consequence.

Here is a link to their September 2020 forecast

According to the ADB, three-fourths of the region's economies are expected to contract this year. The People's Republic of China (PRC) is an important exception although growth here has slowed too.