“This group is some of the most export-oriented in Asia ex-Japan (AxJ). Some have also implemented lockdowns, leading to a double hit on exports and domestic demand. We think this group will likely take longer to recover, possibly by 1Q21. Growth risks are skewed to downside,” says Tan.
SINGAPORE (May 12): Although the Singapore government has begun easing some restrictions, Morgan Stanley cautions that the Republic could be among the last to recover to pre-Covid-19 GDP levels.
While China will arguably lead the pack with a recovery by 3Q2020, economist Deyi Tan says export-oriented economies such as Singapore, Thailand and Malaysia are likely to take until 1Q2021 to recover.
