Emerging Asian economies: Basic Principles need to be firmly ensured for the Post-pandemic Future
- International Economics
- Nov 13, 2020
- 2 min read
Asia's emerging economies are at various stages in their fight against the COVID-19 pandemic. For some countries, the "end of the tunnel light" is becoming more and more apparent as measures of social distancing are being gradually eased and economic activity begins to grow again. Still, some countries are grappling with new outbreaks and blockade and restriction orders.
Measures to restrict travel and social exclusion have been and are having a major impact on trade and employment globally. The budget deficit is increasing and debt in general will continue to increase across most regions. Any recovery in the tourism, business and consumer confidence sectors could be overshadowed by lingering concerns about the risk of new infections outbreaks, plus the economic landscape. global difficulties. In this situation, leaders of countries and experts emphasized that despite the short-term challenges, it is important to remember the fundamental trends that underlie the long-term growth potential of many developing countries.
Looking at strengths, the United Nations' 2019 World Population Prospect says that most emerging Asian countries have favorable demographic characteristics with a young population under 20 years old, accounting for more than one third of the total population. countries like Southeast Asian countries, India and Bangladesh. In addition, regional economies are increasingly capable of delivering innovation, coupled with higher-end manufacturing and services. If anything happens, COVID-19 could push countries to find and implement new ideas and technologies, especially as consumers and households look for new ways to buy and sell, trade, learn and communicate with each other.
From the above factors, in short, to ensure the future of countries after pandemic, governments need to pay attention to three major central issues:
Firstly, improving the local operating environment, for example, addressing corruption, overcoming restrictions on investment and reforming the labor market. Second, promoting competitiveness and productivity through investment. Specifically in transport and energy infrastructure, telecommunications and internet connectivity, healthcare, education, low-carbon urbanization. All will be key to bolster the long-term growth prospects of developing economies and deal with technological advances like robotics and automation, artificial intelligence, and 3D printing. Equally important is increasing resilience to climate change. This is especially important because Southeast and South Asian countries are very vulnerable to the effects of climate change. In the past few months alone, the COVID-19 pandemic has caused serious loss of life and property. But like all crises, it is also an opportunity for policymakers and the business community to think about and accelerate the reform agenda. Countries that seize opportunities not only pave the way for the economy, but also firmly reinforce their own fundamentals.
References
- Nam, S. (2020). Dịch virus Corona ảnh hưởng đến kinh tế Trung Quốc như thế nào: 6 yếu tố tiêu cực. Retrieved from URL:
- ONLINE, T. (2020). IMF: Đại dịch COVID-19 khiến kinh tế châu Á ngừng tăng trưởng. Retrieved from URL:
- Nam, B. (2020). Lao đao bởi khủng hoảng từ đại dịch Covid-19, tăng trưởng kinh tế châu Á sẽ giảm tới mức nào?. Retrieved from URL:
- Nền kinh tế mới nổi châu Á: Cần đảm bảo vững chắc các nguyên tắc cơ bản cho tương lai sau đại dịch. (2020). Retrieved from URL:
Tran Phuong Thao
Comentários