Assessing ASEAN Economic Policy Responses in a Pandemic

Zulkhibri, Muhamed and Sinay, Joy Blessilda (2020): Assessing ASEAN Economic Policy Responses in a Pandemic. Published in: ASEAN Policy Brief No. 2 (May 2020): pp. 1-13.

Abstract

Responding to the crisis, the AMS rolled out numerous fiscal stimulus packages, monetary policy and financial measures, and sector-specific measures and interventions. Business and consumer confidence across the ASEAN region diminished as the impact of the COVID-19 pandemic mounted. Amid uncertainties, the AMSneed to carry on withsystematic interventions andeconomic remedies to pushthe economy forward. Inparticular, i) continue thebroad-based fiscal stimulusand other targeted socio-economic measures; ii)ensure that firms couldreturn to their pre-COVID-19pandemic production and employment levels; iii)formulate a regional socio-economic recovery planpost-COVID-19 to facilitateregional growth; andiv)reinvigorate multilateralismto ensure global resilienceand sustainability post-COVID-19.

• Item Type: MPRA Paper
• Language: English
• Keywords: ASEAN; Regional Integration; Covid-19, Economic Policy
• Subjects: E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; F - International Economics > F5 - International Relations, National Security, and International Political Economy; F - International Economics > F6 - Economic Impacts of Globalization

References

ASEAN Secretariat (2020), “Economic impact of COVID-19 outbreak on ASEAN”, ASEAN Policy Brief, (April).

ASEAN Secretariat (2019), “Progressive realization towards universal health coverage” ASEAN Member States”, ASEAN e-Health Bulletin, no.14 (December).

Barro, R, J. Ursua and J. Weng (2020), “The coronavirus and the Great Influenza Pandemic: lessons from the ‘Spanish flu’ for the coronavirus’ potential effects on mortality and economic activity”, NBER Working Paper, no 26866.

Hai, W, Z. Zhao, J. Wang and Z. G. Hou (2004), “The short-term impact of SARS on the Chinese economy”, Asian Economic Papers, Vol. 3, no 1.

International Air Transport Association (2020), “More Asia-Pacific States urgently need to support their airline industry”, IATA Press Release, (3 April). Available at https://www.iata.org/en/pressroom/pr/2020-04-03-01/

Ong, C B, and Celine Peyron Bista (2015), The state of social protection in ASEAN at the dawn of integration, International Labour Organization Regional Office for Asia and the Pacific, Bangkok

SME Finance Forum, www.smefinanceforum.org

World Bank (2014), “The economic impact of the 2014 Ebola epidemic: short and medium term estimates for West Africa", Washington, D.C: World Bank Group.