Many countries in Asia Pacific are still in recovery or expansion mode from the pandemic, but the region is in a better position in general, according to a research note released by Moody's Analytics. However, the economic research firm warned of increased recession risks if conditions outside of the APAC region continue to deteriorate. Moody's said total debt-to-GDP ratios across the APAC region have remained well above pre-pandemic levels, although some countries such as Singapore, Malaysia, and Indonesia recorded lower debt ratios in 2021 compared with 2020.
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