CNBC reports that according to top wealth managers UBS Global and Goldman Sachs, earnings growth in Asia will bounce back this year and could jump by more than 20% as the regional economy recovers.

“We are looking for a strong earnings recovery across all major regions of the world,” said Tan Min Lan, Asia Pacific head of chief investment office at UBS Global Wealth Management. 

“In 2021, we think earnings in Asia will rise about 23%. There will be a broadening of recovery outside of north Asia,” she told CNBC.

Timothy Moe, chief Asia-Pacific regional equity strategist at Goldman Sachs, was also bullish on earnings growth in the region.

“We think we’re … on the cusp of a very significant earnings recovery in Asia and so we’re looking at about 24%, 25% earnings growth this year and then a further importantly 16% next year,” he told CNBC’s “Squawk Box Asia.”

Markets have “obviously paid forward for that” with their very strong performance last year, Moe added.