Decreased tax revenues and increases in public spending due to COVID-19 make it imperative for developing Asian countries to mobilize private capital for the vast investments needed to achieve the SDGs.
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 innovation, entrepreneurship, and green finance. 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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Compared to Latin America and other regions, Asia scores high on innovation. The reasons are complex but education is fundamental to the process.
Countries with better information and communication technology, particularly internet access, were able to do more activities online during the pandemic, which cushioned the adverse effect of COVID-19 on economic activity.
Older persons have vulnerabilities related to gender, family dynamics, financial and digital literacy, access to labor markets and long-term care. Policymakers should support the region’s growing elderly population to achieve healthier and more productive lives.
Tax revenue can be raised in a fair and reasonable way to provide much-needed public services and support the poor and disadvantaged still reeling from the pandemic.