China and India are expected to spur Asia’s post-pandemic recovery process — particularly in the construction sector, Nikkei Asia reports, citing a study by Oxford Economics.
While COVID-19 has hampered construction starts throughout many metropolitan areas, China and India are poised for positive construction output going into the new year, which will be fueled by significant infrastructure spends in the two countries.
China, which is on track to remain the largest single-construction market throughout the next decade, reaching nearly $1.4 trillion by 2030, is expected to see 8 percent annual construction output this year, but nearly double to 14.5 percent in 2021. India’s output is expected to decrease to 5.4 percent this year but rebound to 7.7 percent in 2021.
China is expected to snap back to pre-pandemic levels by the first quarter of 2021, while India will reach that mark in the second quarter.
