The delta variant is challenging the part of the world that¡¯s been most successful in blunting the economic impact of COVID-19, with Asian countries that snuffed it out locking down again as the virus returns, and others seeing the world¡¯s highest death rates.
Just 12 months ago, the Asia-Pacific region¡¯s rapid containment of COVID-19 made them it envy of the world as the virus ravaged the U.S. and Europe. Now, from Seoul to Sydney, Bangkok to Beijing, authorities are reimposing growth-sapping restrictions as low vaccination rates in many of those places leave their populations vulnerable.
So far, it¡¯s consumers who are bearing the brunt. The central bank in Australia, where two-thirds of the population are confined at home after delta slipped through the strict travel quarantine system, estimates spending drops about 15% during lockdowns.
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