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ICAEW: COVID-19 immunity key to SEA’s economic recovery from Delta variant

World

THE spread of the highly contagious Delta variant of COVID-19 has cast a shadow on Southeast Asia and limited economic recovery for the region in 2021, especially for countries with low levels of COVID-19 immunity.

According to the latest Global Economic Forecast Report from the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics, the economies of several countries are expected to have contracted in the third quarter of this year although the outlook for the region in 2022 is more positive.

The report further predicted that economies with low immunity level face the greatest risks moving forward.

As the Delta variant triggers a renewed surged in COVID-19 cases worldwide, certain countries remain vulnerable to its impact due to having slower vaccination rollouts and higher exposure to global supply chain disruption.

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