Menu

Now Reading
Asian Infrastructure Investment Bank (AIIB) annual meeting set for today

Menu

Asian Infrastructure Investment Bank (AIIB) annual meeting set for today

China Reuters 1
Photo: Reuters

The Asian Infrastructure Investment Bank’s (AIIB) two-day annual meeting kicks off virtually today.

The AIIB—a 102-member, multilateral Asia-Pacific (APAC) development bank—will host discussions on wide range of topics including investment in emerging technologies and climate action.

The economic impact of COVID-19 on the APAC region will likely dominate discussions. For the first time in living memory, regional economic growth is expected to contract by nearly 2% in 2020. While growth is expected to rebound to 6.6% in 2021, the pace of recovery remains contingent on a number of uncertain factors—a potential second wave of infections, geopolitical tensions between China and its neighbours and a global slowdown in trade due to pandemic-induced stagnation.

Expect China, the region’s largest economy, to lead the way in the event of a medium-term APAC rebound. The country continues to report promising numbers, with a 0.5% year-on-year uptick in exports and 3.2% GDP boost over the same period. As most other regional economies struggle, expect China’s already potent influence to translate to further gains in soft power, which would almost certainly be leveraged against neighbours and rivals such as India and the US, most likely through continued expansion of its Belt and Road Initiative. 

See Also
German Chancellor Olaf Scholz with Ukrainian President Volodmyr Zelensky in Berlin after signing a 10-year bilateral security agreement. In the background from left to right: Ukrainian Foreign Minister Dmytro Kuleba, German Foreign Minister Analena Baerbock and German Defense Minister Boris Pistorius. Source: EPA-EFE/Clemens Bilan

Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.

View Comments (0)

Leave a Reply

Your email address will not be published.

Scroll To Top