CNBC reports that Goldman Sachs said that Asia is well placed for economic recovery compared to the rest of the world.

“We think Asia’s really the best positioned of the major regions right now, just given the good control of the virus in most of the region outside of India and some parts of Southeast Asia,” said Andrew Tilton, chief Asia economist.

He said China’s consumer spending has been “more sluggish” because, unlike in the U.S., stimulus measures were not directed at income replacement. “But I think given the good control of domestic transmission of the virus in China, we are seeing services activity come back there as well,” he told CNBC.

The global lockdown triggered by coronavirus outbreak hit world economies really hard, but there is now “reasonable momentum” globally, Tilton said.