Yothin Jinjarak is a senior economist at the Macroeconomics Research Division. His recent research covers fiscal capacity in developing economies, sovereign risks of emerging markets, and macroeconomic policies during the pandemic crisis. He has work experiences in New Zealand, Japan, United Kingdom, Singapore, Thailand, and the United States.
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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.
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.
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.
To withstand external shocks and sustain growth, middle-income countries need to get the basics right on manufacturing, currency management, and education.