These charts illustrate how developing economies in Asia and the Pacific face significant growth challenges due to their exposure to declining demand from major markets in Europe, the United States, and the People’s Republic of China.
Hong Kong, China’s tax system and prudent approach to fiscal policy are two pillars of its success. Despite this, aging and climate change will require tax reforms to ensure fiscal sustainability and competitiveness.
Vaccination programs and travel bubbles are still in their infancy. They could help revive tourism in Asia and the Pacific but governments need to pave the way with the right policies.
The pandemic is challenging policymakers across Asia. The shape of the economic recovery is uncertain but pro-active government and central bank policies can improve outcomes.
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.
Governments and the private sector are working together in Asia and the Pacific to chart a path toward re-opening businesses during the midst of the pandemic.
This innovative approach has enabled cities like Tokyo to curb traffic by financing ultra-efficient public transport systems.
Asian governments should compel all public and private health service providers to share their data, promote continuity of care, and put their patients’ wellbeing first.