Wellness provides a more balanced and holistic view of a country’s development than its per capita gross domestic product. A new tool is helping policymakers measure wellness in society.
Prior to joining ADB in 2007, Donghyun was a tenured associate professor of economics at Nanyang Technological University in Singapore. He has a PhD in economics from UCLA in the US, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including the middle-income trap, service sector development, and financial sector development. Dr. Park plays a leading role in the production of Asian Development Outlook and Asia Bond Monitor, two major ADB flagship publications.
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The tradeoff between lost lives during the pandemic and lost livelihoods is often viewed as an all-or-nothing choice between complete lockdown versus zero restrictions. In reality, a balance can be struck.
Asian economies must strengthen their regulatory frameworks, and invest in digital networks and infrastructure, to support contactless payment systems.
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.
Fintech – the fusion of finance and technology – could be a game-changer for inclusive economic growth amidst the pandemic.
Финтех - слияние финансов и современных технологий - может изменить ситуацию в сторону всеобъемлющего экономического роста в условиях пандемии.
The right policies can bring a new golden age of innovation for developing countries in Asia.