Economic rebound projected for Asian economies in 2021

Economic rebound projected for Asian economies in 2021

Data and analytics company GlobalData believes growth across key Asian economies will rebound next year, after a significantly challenged 2020 at the hands of the Covid-19 pandemic.

Containment measures and stimulus packages are likely to increase economic activities and drive petrochemicals demand in the region, the company says.

John Paul Somavarapu, Oil and Gas Analyst at GlobalData, commented, “The regional capacity additions are largely concentrated in China, targeting self-sufficiency to meet the country’s existing and growing petrochemicals demand. China is followed by India and Indonesia, also capitalising on their growing demand.”

“The COVID-19 outbreak and lower crude prices have prompted petrochemical majors in the region to announce project delays. Projects under early stages of development are likely to be postponed, as companies look to re-evaluate their investment strategies.”

Polymer demand in Asia was affected due to lockdown measures undertaken by governments to contain the Covid-19 pandemic. However, the recent uptick in industrial/ business activities and gradual re-opening of economies are set to strengthen the demand for polymers. This in turn could present a revival in other aspects of the value chain, while also proving indicative of any overall upturn.

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