HONG KONG – Most countries in East Asia are facing major setbacks after the coronavirus outbreak. This raises concerns about the possibility that the growing economic gap between East Asia and the West will be exacerbated by the return to the pandemic.
With the exception of China, economic activities in the region have slowed since the second quarter. This was due to the rapid vaccine rollouts and outbreaks of the Delta coronavirus. Multilateral institutions warned about long-term issues such as growing inequality and cut their growth projections.