To benefit from the demand for Asian exports, rapid and widespread vaccination – particularly in light of the Omicron variant – is needed to stop the divergence in economic recovery paths among Asia’s economies.
The massive Regional Comprehensive Economic Partnership (RCEP) agreement is expected to go into force in 2022. It could be instrumental in helping Asian economies bounce back from the pandemic.
With the right policies in the sustainable finance market, Southeast Asian governments can add momentum to the region’s post-pandemic recovery and improve lives through the achievement of the Sustainable Development Goals.
Just as past crises triggered international and regional financial cooperation, the pandemic offers an opportunity to collectively improve financial resilience and soundness.
Government assistance programs, and relaxed insolvency procedures, have helped keep businesses afloat during the pandemic.
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.
Seaports, which are a lifeline for economies small and large, have been hit hard by COVID-19 disruptions. Using smart technology will help them rebound and could usher in a new era of equitable economic growth.
To respond to the challenges of the pandemic and deliver services effectively, a professional civil service needs to build the values, culture and skills required to respond to complex demands and challenges.
The Regional Comprehensive Economic Partnership brings 15 nations and 2.2 billion people into a trade partnership. It also offers broad economic and societal benefits that go beyond imports and exports.
With the right policies, enough jobs can be created to employ returning workers and creating the opportunity for a new era in agricultural entrepreneurship in the region.