The shock in the health aspects will probably be short-lived, however, it is the economic consequences that are bound to last longer, governments around the globe are devising a medium-long term fiscal and monetary strategy to keep their economy afloat.
Excepting for Singapore and Thailand, most developing countries in ASEAN are spending between 1 to 2percent of GDP to contain the outbreak and respond to the economic shock due to the spread of coronavirus. Although Thailand has spent around 8.9% of her GDP on the stimulus package, two-third of the budget is from borrowing. Policy Tracker, IMF
Even before the pandemic, the performance of the Thai economy was already slow and unstable. Around 52% of country GDP is in services, which includes tourism, banking and finance. However, the country has been suffering from dangerous levels of non-performing assets or around 30% of the total assets. (Wikipedia, 2020)
In week 17, there are 10,937 new cases in the region; the significant new infection was mostly populated in Singapore with 6,701 new cases, followed by 2,359 and 1,207 in Indonesia and the Philippines.
ASEAN has come a long way from an agriculture economy to a combination with industry, manufacturing, and service one. Unfortunately, the economic shocks from the COVID-19 hit hard for businesses under those categories.
Happy Earth Day! Let's celebrate the biggest drop of CO2 emission at home since the recession in 1975. But beware of the new spike, as Southeast Asia could get the second round hit of COVID-19.
ASEAN Situation Report - 11 21 April 2020 Is ASEAN ready for the shift toward eCommerce? Expecting an increase of 16 – 70% in an online sale, but can ASEAN capture the exponential growth of eCommerce with our current digital infrastructure?
ASEAN Situation Report - 10 20 April 2020 Several economies are already in a vulnerable state with sluggish growth and high debt levels before entering this crisis.
ASEAN Situation Report - 9 17 April 2020 We shall expect the L- In 2020, as the growth in all major ASEAN economies would remain negative except for Vietnam.
ASEAN Situation Report - 7 15 April 2020 Lessons from Asia; western governments have started to respond to prevention measures, implemented in our region over the past three months. As they have proven to slow the impact of the disease
ASEAN Situation Report - 6 14 April 2020 Indonesia has experienced the continuous surge of newly reported cases. Could the permission that allows ten million people to return home at the end of Ramadan in early April could accelerate the spread of this pandemic? For more daily statistics and update around ASEAN
ASEAN Situation Report - 5 13 April 2020 Vietnam has done exceptionally well in coping with this pandemic. It is one of the three countries in the region with zero death report from COVID-19. Below timeline has identified some of the past key measures from January to March.
ASEAN Situation Report - 4 10 April 2020 The only way to stay strong is to keep remaining home. Find out daily statistics and updates on how ASEAN is coping with this unprecedented pandemic, COVID-19.