Xinhua
18 Jan 2021, 17:48 GMT+10
HONG KONG, Jan. 18 (Xinhua) -- China will be a "major force contributing to the global economic growth" in the post-COVID-19 era, Jose Vinals, group chairman of Standard Chartered PLC, said Monday.
"Emerging Asia, in particular the Asia-Pacific, is leading the recovery and will continue to do so even more clearly as the year advances," Vinals said when addressing an online financial forum in Hong Kong. "I think this is mainly thanks to China."
Vinals forecast China's GDP will likely grow around 8 percent year on year in 2021, a strong rebound from last year.
With its GDP expanding 2.3 percent in 2020, China is set to become the only major economy to post expansion in a year ravaged by the pandemic, data from the National Bureau of Statistics showed Monday.
Vinals forecast a nearly-5-percent increase in the global economy this year, with a pick-up in private spending, consumption and investment in the second half, thanks to the vaccine rollout and continued fiscal and monetary policy support.
Asian economies including the Association of Southeast Asian Nations (ASEAN) and India will also be supportive in the global recovery, and the economy of the United States and Europe will likely grow 3 percent to 4 percent this year, respectively, he said, adding that there will be a slower recovery in Africa, the Middle East, and Latin America.
Despite the global rebound in the pipeline, Vinals said it will "take still a couple of years in most parts of the world" to return to the level before the COVID-19 outbreak.
Vinals also said that he hopes with the new U.S. administration, the China-U.S. relationship can become "stable, predictable, multilateral and constructive," which would be "great for the world."
The 14th Asian Financial Forum running from Monday to Tuesday was organized by the government of China's Hong Kong Special Administrative Region and Hong Kong Trade Development Council.
Under the theme "Reshaping the World Economic Landscape", the forum assembled online more than 160 policymakers, financial experts, investors, business leaders and economists from across the world.
Get a daily dose of Central Asia Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Asia Times.
More InformationWASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
Birmingham [UK], July 7 (ANI): Following a historic outing with the bat at Birmingham, Indian skipper Shubman Gill reflected on changes...
Rio de Janeiro [Brazil], July 7 (ANI): Leaders of BRICS nations reiterated support for 'comprehensive reform' of the United Nations,...
Rio de Janeiro [Brazil], July 6 (ANI): Prime Minister Narendra Modi, during the 17th BRICS Summit on Sunday, asserted that condemning...