Although Southeast Asia's recovery lagged, its growth is likely to accelerate in the coming year as social distancing rules ease, Moody's said in a statement.
Goods-producing industries buoyed the region in the recent months due to the increase in export volume, Moody's said. "Domestic demand will add to export-driven growth set to power the regional economy into the first half of 2022, Moody's said.The largest economies in the region, including China, Japan, South Korea, Malaysia and Singapore along with Australia and New Zealand have reached "herd resilience" with over 80 percent of the population 12 years old and over fully vaccinated.
The slowing growth in China and its zero-COVID-19 policy, meanwhile, are likely to dampen the pace of economic recovery in the region, Moody's said.
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