Asian Economy Will Be More Resilient to Second Wave

Asian Economy Will Be More Resilient to Second Wave Asian economy will be more resilient to the second wave. The shift in consumption areas due to the coronavirus epidemic has made Asian economies more resistant to the second wave. Dan Fineman, Chief Equity Strategist for the Asia Pacific Region, Credit Suisse, said that while the course of the coronavirus epidemic has worsened in some parts of the world, its effects on Asian economies will be limited. Making an assessment on the subject, Fineman said, "Clearly, while the developed markets in the West face the second wave of coronavirus, Asia will be more resilient in this process." While the number of daily cases has reached a record level in recent days in the USA, which is most affected by the coronavirus epidemic, another sharp increase of cases has been reported in some countries in Europe. Credit Suisse strategist Fineman said, "We need to look at consumer habits that have changed since the beginning of the Covid-19 pandemic. Even though the spending on the service sector has suffered from the pandemic in many parts of the world, we have seen that spending has shifted from services to goods and products. This is the opportunity to export for Asian economies in order to recover.” Fineman stated that as long as consumption habits shift from the service sector to goods and products, the damage to Asia will be less from the second wave that may occur in the epidemic.