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On March 12th 2020, World Health Organization (WHO) declared the
spreading of the new virus, 2019-nCoV, a pandemic. In Asia, the
virus, more commonly referred to as COVID-19, has been spreading
since the end of December. To contain the public health threat,
almost all countries enforced a variety of measures, including
lockdowns, to minimize face-to-face human interactions between the
infected and the susceptible.While these vigilant measures save
lives, they also generate a substantial negative economic shock
that immediately halts demand and significantly disrupts supply,
global production value chain and trade. The consequences are dire
- considerable decline in output, massive surge in unemployment,
countless bankruptcy cases, and unrelentless worries over financial
stability. The result, a worldwide economic setback, is more severe
than that experienced during the Great Financial Crisis of
2008-2009.Asia's experiences with COVID-19 precede that in the
West. This fortuitous timing allows Asia to share its learnings
drawn from experiences to benefit the world.The Asian Bureau of
Finance and Economic Research's (ABFER) community has gathered a
collection of insights to inform the public. Besides providing
access to research on the pandemic conducted in Asia, these
commentaries offer comprehensive information on the effects of the
pandemic, the effectiveness of measures employed to contain it and
the subsequent economic impacts from such implementation. With
granular analyses of government policies and their associated
economic rescue packages, these commentaries elucidate the hard
trade-offs between public health protection and economic security.
Finally, the commentaries address the broader impact of the
pandemic on international trade, global value chains and society.
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