ECONOMIC
IMPACT OF COVID19 IN ASIA
Asian economies have been the driver of global
growth over the past few decades. The strength of Asian economies has been
supported by few driving forces. First is the development of advanced regional
supply chain networks, spanning raw materials and intermediate goods, as well
as final goods. Second is the progress made in trade liberalization through the
concerted enhancement of trade agreements both within and outside the region.
COVID-19 has exposed some potential weaknesses in
these driving forces. Supply chains in Asia have been disrupted due to strict
public health measures, such as stay-at-home orders and business and production
suspensions. Asian and global trading volumes have declined steeply, and demand
in the travel and tourism sectors has virtually evaporated. Domestic demand has
been weak in many Asian economies, reflecting the deterioration in employment
and income conditions.
As per AsiaTradeHub.com CEO & Founder Mr.
Keshav Gandhi the COVID-19 impact focus on Asian economies. The issues are
wide-ranging and not easy to tackle. However, by overcoming and learning from
these challenges, the Asian economy will be better positioned to achieve
sustainable and balanced development in next few years.