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.
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.
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.
There is evidence of a positive link between sustainable behavior and financial return which will likely drive the continued growth of green and social finance.
Evidence shows that green and social finance are associated with positive environmental and social outcomes and can contribute to a more sustainable world.