The pandemic has worsened inequality on many fronts. Pro-active macroeconomic policy combined with labor retraining programs and increased social protection are needed.
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The pandemic represents a severe challenge for policymakers in Asia. They need a response that will help economies achieve a more efficient and fairer allocation of resources in the economy, enhancing productivity, economic growth and employment.
Asian regulators and policy makers should undertake prudential financial supervision and regulation to improve the quality of private debt and reduce the risk of financial instability in the future.
It’s high time for emerging Asian markets to prepare themselves for the tighter global financial conditions that Fed balance sheet normalization entails.