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Asia-Pacific (APAC) economies are poised to rebound in 2021 as global growth and exports recover from the coronavirus-induced plunge in 1H20. The rebounds will be supported by the region’s relative success – albeit uneven across jurisdictions – in containing the coronavirus, China’s broadening economic recovery, supportive fiscal and monetary policies, and eventual rollout of vaccines. However, risks remain high due to the evolution of the global pandemic. Scope for continued policy support will serve as a partial offset to risks from a resurgence of the virus or setbacks in the delivery of medical solutions. Many APAC sovereigns entered the crisis with fiscal buffers to cushion the effects of the coronavirus shock at their respective rating levels. Policymakers will take advantage of these buffers in 2021 by withdrawing relief packages only gradually. ���������ֳ� anticipates some narrowing of deficits in line with recoveries and medium-term consolidation plans, but debt ratios will, nonetheless, rise further for many sovereigns.