Construction industry will fall in South and Southeast Asia in 2020
Singapore, Oct 10 (Prensa Latina) The construction industry will fall 8.5 percent in 2020 in South and Southeast Asia due to the disturbances derived from the Covid-19 pandemic, reported a study by the GlobalData company.
According to the research, such contraction is reflected in the unprecedented decline in the second quarter in countries such as Singapore (59.3 percent), India (50.3), Malaysia (44.5) and the Philippines (33.5).
However, the study estimated that the construction industry could indirectly benefit from the Covid-19 crisis in the medium and long term.
GlobalData construction analyst Dhananjay Sharma deemed that infrastructure will be a key growth engine in 2021 and beyond, taking into account that governments in the region seek investment to boost the economy and create jobs.
According to the expert, that would be driven by China’s investments in Belt and Road Initiative (BRI) projects in the South and Southeast Asia region, which will support infrastructure growth in Pakistan, Bangladesh, and other countries such as Myanmar, Vietnam, Malaysia and Indonesia.
Source: Prensa Latina