Asia Pacific region reviving post 2nd wave
A report by Moody’s analytics stated industrial demand and production is rebounding in the Asia Pacific region, owing to less stringency in mobility restrictions now, signifying reopening of the region. However, the rating agency stated concerns on inflation volatility due to rising prices of fuel and food.
Asia Pacific region bouncing back
Steve Cochrane, chief APAC economist at Moody’s Analytics said, “Industrial production has broadly recovered since July and production through September appears to have regained all that it lost during this second wave of COVID-19.”
He further added that ease in restrictions on mobility will boost the demand for local goods and services, thus aiding in easing supply chain, consumer goods supplies flow and increasing operations for electronics and auto parts plants.
Furthermore, operating manufacturing capacities at optimal level would be an added fuel to robust growth in foreign trade in the region. The rating agency said for economies like Philippines and other countries in the region, inflation is manageable and the region is experiencing gradual recovery.