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.