‘Zoom boom’: Why is Asia the only part of the world weathering the economic fallout from COVID?

Credit: Aly Song/Reuters
Credit: Aly Song/Reuters

China remains on track to grow nearly 2% this year, the most of any major economy, while the world is expected to contract by 4.4% and the U.S. by 4.3%, according to the International Monetary Fund. Other Asian economies are close behind China: Vietnam is expected to grow 1.6%, Taiwan is expected to be flat from a year earlier and South Korea is forecast to contract modestly at 1.9%.

But they also derive an especially large part of their growth from exports of manufactured goods to the rest of the world, especially the U.S. and Europe. Asian economies are among the largest producers of laptops, communication equipment, TVs and other household goods that have experienced surges in demand as the pandemic forced people to stay home.

Related article:  Viewpoint: Genetically modified plants could produce drugs of the future—if we do more to encourage 'pharming'
Follow the latest news and policy debates on agricultural biotech and biomedicine? Subscribe to our newsletter.

“We call it the Zoom boom,” said Rory Green, an economist at research firm TS Lombard who covers China and North Asia, referring to the increase in demand for screens and laptops as more people work from home.

A key question is whether all that demand can be sustained as Covid-19 caseloads surge again in the West. Stimulus paychecks have been spent and even if cases of infection come down again, there is a limit to how many smartphones and other devices people need to work and study from home.

ADVERTISEMENT

Read the original post

Outbreak Daily Digest
Biotech Facts & Fallacies
Genetics Unzipped
Infographic: Deaths from COVID-19 are far higher than reported estimates

Infographic: Deaths from COVID-19 are far higher than reported estimates

More than 2.8 million people have lost their lives due to the pandemic, according to a Wall Street Journal analysis ...
seralinistud

Gilles-Éric Séralini: Activist professor and face of anti-GMO industry

The French biologist and his research team--funded by the Rodale ...
vandana shiva

Vandana Shiva: ‘Rock Star’ of GMO protest movement has anti-science history

In a 2012 interview, Bill Moyers referred to Vandana Shiva as ...
News on human & agricultural genetics and biotechnology delivered to your inbox.
glp menu logo outlined

Newsletter Subscription

Optional. Mail on special occasions.
Send this to a friend