From 2010 to 2019, only 17 of the 35 economies across Asia and the Pacific with available data managed to increase their share of the medium- and high-tech industries in manufacturing sector gross value-added, Report informs, citing the Key Indicators for Asia and the Pacific publication by the Asian Development Bank (ADB).
According to the Bank, Azerbaijan, Mongolia, and Viet Nam were among those that experienced the fastest growth from 2010 to 2019: “The COVID-19 pandemic has greatly disrupted global production, demand, and supply chains, which underpin manufacturing processes. The Asia and Pacific region has been no exception as it took a deep dive from 2019 to 2020, both in terms of the manufacturing sector’s economic output (upper panel) and employment.”
“There was some degree of recovery in economic output from 2020 to 2021, with the manufacturing sector of Uzbekistan increasing by at least 20%.
"Manufacturing employment plummeted in most economies from 2019 to 2020, and only Azerbaijan, Indonesia, the Philippines, and Uzbekistan showed signs of recovery from 2020 to 2021, each registering growth in manufacturing employment of at least 4%,” the Bank said.